BofA Credited in U.S. Deal for Other Firms’ Consumer Aid
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Bank of America Corp. can get credit toward its record $16.7 billion settlement of U.S. mortgage probes without doing a thing.
The lender, which jumped the most in 15 months in New York trading yesterday after agreeing to resolve government claims, pledged $7 billion in consumer relief in the deal. Some of that may be satisfied as borrowers get mortgage help from firms that bought their loans or servicing rights from the bank, according to terms on the Justice Department’s website. That can even apply to assets the bank already sold.