Bank Of America To Pay Reaches $10 Billion Settlement With Fannie Mae

Bank of America on Monday reached a deal with Fannie Mae to settle troubled mortgage claims, the Wall Street Journal reported:

As part of the agreement, Bank of America will make a cash payment to Fannie Mae of $3.6 billion and also repurchase for $6.75 billion certain residential mortgage loans sold to Fannie Mae, which Bank of America has valued at less than the purchase price.

 

ABOUT THE AUTHOR

David Taintor is a news editor at Talking Points Memo. Previously, he worked at NBC News and Adweek. He’s a native of Minnesota. Reach him at taintor@talkingpointsmemo.com.

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