Bank of America to pay record fine for mortgage crisis

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Bank of America to pay record fine for mortgage crisis

by CBSTV Videos 1:44 mins

Bank of America to pay record fine for mortgage crisis

by CBSTV Videos 1:44 mins

The Bank of America and two subsidiaries, Countrywide and Merrill Lynch, admit they sold hundreds of billions of dollars worth of mortgage-backed securities to investors. Bank of America will pay $9.6 billion in penalties and has promised $7 billion to help homeowners with loans. Wyatt Andrews reports.

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