Bank of America (BAC) and the U.S. Department of Justice are at an impasse in negotiating a multi-billion dollar settlement deal related to the bank’s involvement in the mortgage crisis. Per the New York Times:
The talks stalled on Monday after the bank’s latest offer — more than $12 billion to resolve state and federal investigations into its sale of mortgage investments that later imploded — fell far short of prosecutors’ demands, according to people briefed on the matter. The Justice Department, which had imposed a Monday evening deadline for the bank to deliver its near-final offer, has sought a settlement worth roughly $17 billion, which would be the largest payout by any bank to date.
