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Policy: Economy

VIDEO: Justice Department, Bank of America reach $17 billion settlement

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Finance and Banking,Lisa Ruhl,Eric Holder,Economy,Video,Justice Department,Bank of America

The Department of Justice on Thursday announced that Bank of America will pay a $16.65 billion fine to settle allegations it sold risky mortgage-backed securities before the 2008 financial crisis.

The DOJ says it will be the single largest settlement in history between the federal government and a single company.

Less than a year ago, JPMorgan Chase agreed to pay $13 billion and admit they sold risky mortgages. And just this summer, Citigroup made a settlement for $7 billion with the DOJ.

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