BB&T Corp. has agreed to an $83 million settlement with the U.S. Department of Justice over mortgages with quality control problems that were insured by the Federal Housing Administration.

The settlement will not have a negative effect on BB&T's financials as the bank had previously set aside $85 million because of the government investigation, it said in a press release. BB&T is also seeking potential recovery of $70 million related to this matter. The bank's press release did not disclose who it is seeking the recovery from and it has not yet responded to a request for comment.

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