U.S. Attorney General Eric Holder refused to meet with Bank of America (BAC) CEO Brian Moynihan to work out a multibillion-dollar deal to resolve faulty mortgage securities sold in the past, according to an artilce in Reuters.
In a letter sent in the second half of June, Holder told Moynihan that the parties remained too far apart for a meeting to be productive, one source said.
No negotiations between the second largest U.S. bank and the U.S. Department of Justice have taken place since the second week in June, several people said.
This follows reports from Citi (C) that it is nearing a settlement with the Department of Justice in regard to a mortgage probe investigating the allegation of fraud and document mishandling.
