‘Bank of America (BoA) is finalizing a settlement with the Department of Justice (DOJ) over claims that the bank palmed off worthless mortgages to investors, according to the Wall Street Journal.
The purpose of the anticipated deal is to protect BoA and its executives from lawsuits. As in other deferred prosecution agreements, the Obama administration is charging a misleading sum (a record $16 or $17 billion at face value) in exchange for what amounts to immunity. The arrangement will ensure that no banker at BoA will be prosecuted for the bank’s role in the criminal practices that crashed the world economy.’
Read more: Protecting criminal banksters: Bank of America reaches $16 billion mortgage fraud settlement