(Reuters) - Though costly for banks, a $25 billion settlement over foreclosure abuses will help a slowly improving housing market, Bank of America Corp (BAC.N) Chief Executive Officer Brian Moynihan said Thursday.
“The mortgage process is healing, which is good for all of us and the economy,” Moynihan said at an investor conference in New York.
The settlement, which will cost Bank of America $11.9 billion in cash payments and loan modifications, was announced February 9, but final documents have not yet been filed.
Moynihan’s presentation was interrupted twice by protesters, including one who called for the breakup of the second-largest U.S. bank. Bank of America has lagged its peers in recovering from the financial crisis, as it struggles with losses and lawsuits tied to its 2008 purchase of subprime lender Countrywide Financial.
Reporting By Rick Rothacker in Charlotte, N.C.