Bank of America Corp In Record $17 Billion Settlement

Bank of America Corp (NYSE:BAC) has agreed to a record $17 billion settlement with the US Department of Justice over faulty mortgage derivatives products that led to the 2008 derivatives crash.

Bank of America settlement follows Citigroup and JPMorgan

The reported deal includes $10 billion in fines and $7 billion in consumer relief.  The settlement follows a $7 billion settlement with Citigroup Inc (NYSE:C) and a $13 billion settlement with JPMorgan Chase & Co. (NYSE:JPM).

Unlike these banks, however, Bank of America Corp (NYSE:BAC) was a victim of circumstance to a certain degree.

When the 2008 derivatives crash was in...