Bank of America has now joined JPMorgan Chase in a special category called: Banks That Agreed to Pay Billions in Fraud Fines While No Executives Have Gone to Jail. The company agreed to $9.5 billion in fines to settle civil lawsuits filed by the Federal Housing Finance Agency on behalf of Fannie Mae and Freddie Mac, which claimed that Bank of America had fraudulently misrepresented the quality of $57.5 billion worth of residential mortgage-backed securities leading into the financial crisis. The government's strategy for punishing big banks for the misdeeds of the financial crisis has revolved around filing civil lawsuits and imposing harsh financial penalties that ultimately fall on shareholders.