BofA offers $13 billion to settle mortgage probe: WSJ

Wed Jul 16, 2014 10:42am EDT

A Bank of America sign is pictured in Encinitas, California in this file photo taken January 14, 2014. REUTERS/Mike Blake/Files

A Bank of America sign is pictured in Encinitas, California in this file photo taken January 14, 2014.

Credit: Reuters/Mike Blake/Files

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(Reuters) - Bank of America Corp has offered $13 billion 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 toward a final deal, the paper reported. (on.wsj.com/1rgO8cl)

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.

(Reporting by Tanya Agrawal in Bangalore; Editing by Joyjeet Das)

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