Bank Of America Multi-Billion Dollar Settlement

The Justice Department has reached a record settlement with Bank of America.

FOX News Radio’s Rachel Sutherland reports from Washington.

The settlement arises from the mortgage meltdown and includes millions of dollars in consumer relief. Associate Attorney General Tony West says the bank knowingly and fraudulently sold toxic loans, hurting consumers and investors.

(West) “They were unpleasantly met with billions of dollars in losses when those securities that they had invested in, they soured” 

Attorney General Eric Holder cautions some consumers who get relief may face a big tax bill, and he called on Congress to extend the Mortgage Debt Relief Act. The bank and its employees could still face criminal charges.

In Washington, Rachel Sutherland, FOX News Radio. 

A historic settlement for the Department of Justice as Attorney General Eric Holder announcing a settlement of nearly 17-billion dollars with financial giant Bank of America.

U.S. Attorney General Eric Holder, speaking on the settlement.