In the biggest reckoning of the 2008 financial crisis, Bank of America said Wednesday it will pay $8.5 billion to investors burned by fraudulent mortgage securities.
The securities, which packaged numerous home mortgages and sold them to investors, faltered after the housing market collapsed.
Investors said they had been misled by the packages, many of which were highly rated even though they included mortgages from borrowers with questionable credit.
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