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BofA offers $13 billion to settle mortgage probe: WSJ
July 16, 2014 / 2:43 PM / 3 years ago

BofA offers $13 billion to settle mortgage probe: WSJ

(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.

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

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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