BofA reportedly settles mortgage claims for $17B

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC +0.4%) will pay $10B in cash and provide customer relief valued at $7B in a settlement with federal and state authorities over its role in mortgages leading up to the financial crisis, reports the AP.

The deal also requires the bank to acknowledge making misrepresentations about the quality of MBS packaged and sold by it, Countrywide, and Merrill Lynch.

Previously: BofA reportedly near $16B-$17B deal with DOJ