BofA Said to Resist U.S. Demands as Mortgage Suit Looms
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Bank of America Corp. hasn’t budged from an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, increasing the likelihood that prosecutors will sue the bank, according to two people with knowledge of the matter.
The offer, similar to one the government rejected in June, was made in a meeting yesterday with Justice Department Associate Attorney General Tony West, said the people, who asked not to be named because the deliberations aren’t public. The government viewed it as a step backward in the negotiations, the people said.