PROVIDED BY CNNNEXT.COM Scandal
Bank of America Corp has reached a $16.65 billion settlement with U.S.
regulators to settle charges that it misled investors into buying troubled mortgage-backed securities.
The settlement announced on Thursday by the U.S.
Department of Justice calls for the second-largest U.S.
bank to pay a $9.65 billion cash penalty, and provide $7 billion of consumer relief to struggling homeowners and communities.
It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank's remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation's largest mortgage lender, and Merrill Lynch & Co.
"* The Young Turks host Cenk Uygur breaks it down.
