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August 22, 2014

Bank of America settlement likely to benefit few

By JOSH BOAK
Associated Press

WASHINGTON — Bank of America's record $16.65 billion settlement for its role in selling shoddy mortgage bonds — $7 billion of it geared for consumer relief — offers a glint of hope for desperate homeowners.

The settlement requires the second-largest U.S. bank to reduce some homeowners' loan balances, provide new loans to low-income buyers and address areas of neighborhood blight.


 
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