“Bank of America Corp has reached a $16.65 billion settlement with U.S. regulators to settle charges that it misled investors into buying troubled mortgage-backed securities.

The settlement announced on Thursday by the U.S. Department of Justice calls for the second-largest U.S. bank to pay a $9.65 billion cash penalty, and provide $7 billion of consumer relief to struggling homeowners and communities.

It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank’s remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation’s largest mortgage lender, and Merrill Lynch & Co.”* The Young Turks host Cenk Uygur breaks it down.

*Read more here from The Huffington Post / Reuters:
http://www.huffingtonpost.com/2014/08/21/bofa-settlement_n_5697470.html