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The Department of Justice announced a $16.65 billion settlement with Bank of America Corporation to resolve federal and state claims against the company and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of this global resolution, the bank agreed to pay a $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act and provide billions of dollars of relief to struggling homeowners, including funds that will help defray tax liability as a result of mortgage modification, forbearance or forgiveness. The settlement did not absolve Bank of America, its current or former subsidiaries and affiliates or any ind...View all