Bank of America in $8.5B mortgage settlement

Bank of America sign is shown at a branch at the Bank of America Center in San Francisco (AP Photo/Eric Risberg)

June 29, 2011 7:26:56 AM PDT
Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.