NYT: BofA blinks in DOJ settlement talks

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

Bank of America (BAC -0.5%) had previously offered $13B, with just $4B of that in cash, to financial crisis-era mortgage issues with the U.S., but the NYT says the bank has upped its offer to $14B, and the cash portion to $7B.

The DOJ however, wants $17B, has rejected the offer, and has threatened a lawsuit within days if a deal doesn't come.

Underscoring why no bank wants to see the inside of a courtroom on this, yesterday a judge ordered BofA to pay nearly $1.3B in another federal mortgage case.