SEVERE THUNDERSTORM WATCH

Until 10 PM

The National Weather Service in Grand Rapids and northern Indiana issues a SEVERE THUNDERSTORM WATCH for Van Buren, Kalamazoo, Calhoun, Berrien, Cass, St. Joe, and Branch counties until 10 PM.  Damaging wind gusts of 60 mph or greater are the primary concern.  Large hail of 1" in diameter or larger is a close second.  We'll be tracking storm development with Live Doppler Radar throughout your afternoon and evening.  Storm motion is easterly at 30 to 50 mph.  Stay with wwmt.com for the latest weather information!

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BofA reaches $17B settlement with US

Updated: Thursday, August 21, 2014
BofA reaches $17B settlement with US story image

WASHINGTON (AP) - Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

The officials say the bank will pay $10 billion in cash and provide consumer relief valued at $7 billion.

They spoke to The Associated Press on condition of anonymity because the deal isn't scheduled to be announced until Thursday at the earliest.

The bank declined comment.

The agreement requires the bank to acknowledge making misrepresentations about the quality of its residential mortgage-backed securities itself and in those by Countrywide Financial and Merrill Lynch. Those institutions were acquired by the bank in 2008 and were responsible for the bulk of the questionable loans.

U.S. | World News

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