WHEN: TODAY, THURSDAY, APRIL 24TH
WHERE: CNBC'S "CLOSING BELL"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: NOT TOO LONG AFTER JPMORGAN SETTLED FOR $13 BILLION WITH THE FEDERAL GOVERNMENT OVER RESIDENTIAL MORTGAGE BACK SECURITIES LITIGATION, B OF A APPEARS TO BE HEADED IN THE SAME DIRECTION. SOURCES TOLD ME THAT B OF A IS IN TALKS WITH THE JUSTICE DEPARTMENT ABOUT A SETTLEMENT OVER THEIR LONG STANDING RESIDENTIAL MORTGAGE BACK SECURITY ISSUES THAT COULD TOP $10 BILLION ANOTHER REPORT SAYS THAT THE JUSTICE DEPARTMENT MAY BE SEEKING AN ADDITONAL 13 FROM B OF A THE SAME AS THEY GOT FROM JPMORGAN. I AM TOLD THE TALKS ARE STILL IN A RELATIVELY EARLY STAGE THAT NUMBER IS NOT YET CLEAR YET, BUT B OF A IS DEFINITELY EAGER TO PUT THESE ISSUES BEHIND THEM HOPES TO GET A SETTLEMENT DONE BY THE SUMMER AT THE LATEST. AND ONE MORE POINT SARA THEY RECENTLY SET ASIDE AN ADDITIONAL $6BILLION IN LEGAL RESERVES WHICH KIND OF CONCERNED INVESTORS AFTER THE FIRST QUARTER EARNINGS AS YOU MAY RECALL BUT OBVIOUSLY MAY HAVE BEEN IN ANTICIPATION OF THE SETTLEMENT I AM DESCRIBING.
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