Florida to get $1 billion from Bank of America settlement

Nearly 17,000 Floridians will receive more than $1 billion in relief as part of a record-setting national settlement with Bank of America.

Bank of America Corp. agreed to pay $16.65 billion to end federal, Florida and other state investigations into the sale of toxic mortgage securities during the subprime housing boom.

The settlement includes $9.65 billion in fines and $7 billion in aid to communities and homeowners hit hard by the housing market crash that triggered the Great Recession