Bank of America has agreed to pay a record $US16.7 billion to United States authorities for misleading investors about the quality of loans it sold. The loans were sold by Countrywide Financial and Merrill Lynch before Bank of America bought them in 2008, at the height of the financial crisis. New York-based market analyst Todd M. Schoenberger is the President of J. Streicher Asset Management, and joins us to analyse the news.
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