World Economy

BoA to Pay $8.5b in Damages

BoA to Pay $8.5b  in DamagesBoA to Pay $8.5b  in Damages

The acquisition of Countrywide Financial Corp. has been giving banking giant Bank of America Corp. painful indigestion for some time now – arguably since the ink on the 2008 deal was still moist – and now BoA says it will pay $8.5 billion to aggrieved mortgage-backed bondholders who have demanded refunds, MHN (Multi-Housing News) online reported.