BofA Inks $165M Deal To Cover Credit Unions' MBS Losses

Law360, New York (April 2, 2013, 5:06 PM EDT) -- Bank of America Corp. is paying $165 million to cover losses related to the sale of mortgage-backed securities to failed credit unions, federal regulators said Tuesday, the latest shoe to drop in a $14 billion investigation involving the financial industry's biggest names.

BofA didn't admit wrongdoing as part of its settlement with the National Credit Union Administration, which allowed the bank to avoid litigation. The proceeds will go toward reducing fees paid by credit unions across the country to cover losses by five of their defunct...
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