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Justice Dept. reaches Bank of America settlement

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WASHINGTON, D.C. — The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced today.

The deal calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty and provide billions of dollars of relief to struggling homeowners. Bank of America said its cash payouts will total $9.65 billion.

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