NEW YORK (TheStreet) -- Bank of America (BAC) fell Thursday amid reports the financial institution and the U.S. Department of Justice are still far apart on a potential mortgage-securities settlement.
The bank offered $13 billion in cash and consumer relief such as mortgage changes to reduce borrowers' payments in order to settle the civil probe, according to The Wall Street Journal. But the Justice Department wants more cash than what Bank of America offered. It is not known how much the bank offered in cash and how much in consumer relief.
The two sides' lawyers met in Washington on Tuesday to try and work out a deal, according to the Journal, but they did not reach an agreement.
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The stock was down 1.39% to $15.30 at 11:45 a.m.
Separately, 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."