21.08.2014 - Bank of America may pay 17 billion to the US Department of Justice
Bank of America may become another bank that will pay for the settlement of the case on the problematic mortgage loans which were transferred into securities and sold to investors before the financial crisis in 2008. The cost of deal with the American Department of Justice may be about 17 billion dollars. This deal may be the largest settlement and the cost will be equal to the profit of the bank for the last 3 years.
This settlement must finish the process of legal proceedings in cases related to the financial crisis. Today can announce on reaching a final agreement on the matter. We forecast the price correction of the bank. After that, we recommend to include the company's shares in the long-term investment portfolio.