In an article published this morning by DS News, Bank of America has agreed to pay a record 16.65 Billion Dollars in the largest settlement on record.  For those counting, the previous record was 13 Billion paid by Chase Bank for similar settlements.

Of this sum, 9.65 billion will go to various government agencies, including the State of California.  That leaves $7,000,000,000 (yes, that’s what 7 billion looks like as a number) going to consumer relief in the form of mortgage modifications, enhanced efforts to lend to marginal income brackets, neighborhood stabilization projects, and more.

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