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BofA nears $8.5bn mortgage deal
Bank of America is close to a deal to pay $8.5bn (£5.3bn) to settle claims from a group of investors that lost money on mortgage-backed securities, a source familiar with the process said yesterday. The settlement would be the largest such sum in the banking industry to date. The largest US bank by assets has been fighting claims by a group of 22 investors, which includes BlackRock and Pimco, over the housing-related securities it packaged and sold before the financial crisis.