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Deal Done: Bank of America, Justice sign $16.7 billion deal over bad mortgages
(Page 3 of 3)
BofA will pay $5 billion in a civil monetary fine under the agreement. It will pay an additional cash payment of $4.63 billion for remediation of wrongs, the announcement states.
Consumer relief will be distributed to struggling homeowners between now and 2018. It will come in the form of mortgage modifications, including first-lien principal and forbearance forgiveness and second-lien extinguishments, low- to moderate-income mortgage originations and community reinvestment and neighborhood stabilization efforts. The consumer relief will be subject to oversight by an independent monitor.
Adam O'Daniel covers banking, entrepreneurs and technology for the Charlotte Business Journal.
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