Report: Bank of America Corp to Possibly Settle MBS Probe for $12B (BAC)

On Friday morning, The Wall Street Journal reported that Bank of America (BAC) is close to settling with the Department of Justice regarding deceptive sales of mortgage-backed securities.

According to the article, BAC may pay $12 billion dollars for the most recent settlement related to MBSs, which would put the bank’s total fines around $18 billion. Of the $12 billion settlement, $5 billion will be put towards consumer relief. This is the latest big bank settlement related to deceptive practices involving mortgage-backed securities, with JPMorgan Chase paying $13 billion in 2013 to settle its own case with the Department of Justice.

BAC stock was down just 7 cents, or 0.45%, in pre-market trading. YTD, the bank’s stock is down 4.16%.

BAC Dividend Snapshot

As of Market Close on June 5, 2014

Click here to see the complete history of BAC dividends.