Settlement forces BofA to set aside borrower tax relief

By: Clea Benson Bloomberg News August 25, 2014

Bank of America Corp. must set aside $490 million of yesterday’s $16.7 billion settlement to cover taxes that borrowers face on forgiven mortgage debt – a step taken by the Justice Department to give homeowners relief that Congress has failed to provide.

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Settlement forces BofA to set aside borrower tax relief

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