Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A Bank of America sign is pictured in Encinitas, Calif. (Mike Blake/Reuters)
A Bank of America sign is pictured in Encinitas, Calif. (Mike Blake/Reuters)

Bank of America offers $13-billion to settle mortgage probe: report Add to ...

Bank of America Corp has offered $13 billion (7.58 billion pounds) to settle a probe into mortgage securities sold by the bank, the Wall Street Journal reported, citing people familiar with the matter.

The bank met U.S. Justice Department representatives on Tuesday, but no progress was made towards a final deal, the paper reported.

More Related to this Story

Bank of America had previously offered about $12 billion to settle the matter, including a portion to help struggling homeowners, while the Justice Department had suggested a $17 billion settlement, sources told Reuters earlier this month.

The bank declined to comment on the report.

Follow us on Twitter: @GlobeBusiness

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories