BofA Sets $165 Million Accord With NCUA on Mortgages
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Bank of America Corp. and the National Credit Union Administration reached a $165 million accord to cover losses on purchases of residential mortgage-backed securities by credit unions that failed, the agency said.
The bank didn’t admit fault in the agreement, according to a statement today from the NCUA. Bank of America, the second-largest U.S. lender by assets, ranked as the biggest mortgage provider before the housing market bubble burst.