Bank of America Corp. is close to finalizing an agreement that calls for the lender to pay $ 8.5 billion to settle claims of a group of investors who bought mortgage-backed securities lenders.
A person familiar with the settlement discussions between the Bank and the Group of investors said late Tuesday that the lender is almost an agreement and should announce that it is a fait accompli as early as Wednesday.
Calls to a spokesman for Bank of America were not immediately returned.
Investors, which include the Federal Reserve Bank of New York and Blackrock financial management, have pressed the lender to buy mortgages made by Countrywide unit in default of payment.
A report by the Wall Street Journal end estimated Tuesday that the Group has more than 56 billion of mortgage-backed securities.
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