Bank of America Corp (BAC) / DoJ Settlement Expected in Weeks

Bloomberg is reporting that US prosecutors seek more than $13 billion from Bank of America Corp (NYSE:BAC) to settle federal and state probes into the bank’s opaque mortgage backed securities products that led up to the 2008 financial crisis. Bank of America Corp (NYSE:BAC) Settlement larger than JP Morgan fine The settlement could be larger than that with JP Morgan Chase & Co (NYSE:JPM) when an additional $9.5 billion fine from the Federal Housing Finance Agency settlement is considered. At issue are home loans that were packaged into opaque mortgage backed securities where the real risk in the investment was hidden…