Bank of America is in talks to pay at least $12bn in cash and homeowner relief to end a long-running civil investigation by the Department of Justice alleging that it mis-sold mortgage-backed securities, people familiar with the matter say.
The Charlotte-based bank paid $9.5bn to resolve a similar investigation by the Federal Housing Finance Agency, the US housing regulator, in March.
BofA, which acquired Countrywide Financial and Merrill Lynch during the financial crisis, has already paid over $25bn in fines and settlements since 2009, according to a FT analysis. The settlement would resolve the biggest known legal threat to the bank, which has been wracked by litigation since the financial crisis.
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