Bank of America will pay $16.65 billion to settle the government's accusations it sold flawed mortgage securities in the run up to the financial crisis, the largest settlement ever reached between the US and a single company.

The settlement is an attempt by the US government to put an exclamation point on a string of crisis-era enforcement actions and lawsuits that's cost US banks more than $125 billion. The Bank of America settlement requires the Charlotte, North Carolina lender to pay $9.65 billion in cash to the Justice Department, six states, and other government agencies, including the Securities and Exchange Commission. The bank will also provide $7 billion worth of aid for struggling consumers, through actions such as modifying mortgages for borrowers who owe more than their homes are worth, or demolishing derelict properties.