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US Bank to Pay Record Fine of Nearly $17 Billion

One of the largest U.S. banks, the Bank of America, is paying a record fine of nearly $17 billion because of bad housing loans it sold to investors, helping trigger the world recession. The biggest settlement ever between the U.S. government and a private corporation was announced Thursday by U.S. Attorney General Eric Holder, who said Bank of America engaged in "pervasive schemes" to defraud investors buying the bad loans. "These loans contained material underwriting...

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