Bank of America offering $13 billion to resolve probe

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Bank of America has offered $13 billion to settle a probe into mortgage securities sold by the bank, the Wall Street Journal reported, citing people familiar with the matter.

The bank met U.S. Justice Department representatives on Tuesday, but no progress was made toward a final deal, the paper reported.

Bank of America had previously offered about $12 billion to settle the matter, including a portion to help struggling homeowners, while the Justice Department had suggested a $17 billion settlement, sources told Reuters earlier this month.

The bank declined to comment on the report.

On Tuesday morning the bank reported a in second-quarter profit and a 10-cent miss on earnings per share to 19 cents a share.

—By Reuters