NEW YORK (TheStreet) -- Shares of Bank of America (BAC) closed down -1.90% to $15.51 today on very heavy trading volume after it was reported that lawyers for the bank and the Justice Department met on Tuesday to continue negotiating a potential mortgage-securities settlement but remain far apart on the size and scope of the penalty, sources say, the Wall Street Journal reports.
The stock is slightly lower in after-hours trading.
The bank is offering $13 billion, including cash and consumer relief, but the Justice Department wants a much larger cash penalty, sources added.
How the settlement would be structured is unclear, with Bank of America pushing for a bigger portion of the penalty to be paid in so-called soft money-such as consumer relief, sources told the Journal.
TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."