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Ka-Ching

The Associated Press reports that yesterday a Los Angeles judge gave preliminary approval to an agreement that will see Countrywide (and by default, new owner Bank of America) pay out $600 million over allegations the lender "concealed mounting risks as it loosened its standards for loans." In return, Countrywide will admit no wrongdoing. It's the largest settlement related to the subprime crisis, according to the LA Times. [AP]