Fees of $1.3 billion will be paid to Fannie for its role as a loan payment processor for the collapsed company. Fannie had been demanding that BofA repurchase $11.2 billion in Countrywide loans.
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Mortgage finance giant Freddie Mac said Tuesday that three of the country’s largest banks – Wells Fargo, Citigroup and SunTrust Banks – had agreed to pay a total of $1.3 billion to resolve claims on millions of home loans that have soured or may go bad.
Bank of America is paying $3.6 billion to Fannie Mae and buying back $6.75 billion of bad loans from the mortgage company to clear up all claims that government-owned Fannie Mae had made against.
Bank of America is also selling the rights to service 2 million residential mortgage loans held by Fannie Mae, Freddie Mac, Ginnie Mae, and other mortgage holders, worth $306 billion.
In addition to the settlement, Bank of America will also pay $1.3 billion in fees to Fannie related to its role as a loan payment processor for the mortgage-finance giant. tweet Share
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Bank of America. giants Fannie Mae and Freddie Mac. Fannie and Freddie can force banks to buy back loans that appear to be fraudulent. JPMorgan set aside $1 billion in the last quarter to cover.
An Appeals Court Has Thrown Out Bank of America’s $1.3 Billion Fine.. An Appeals Court Has Thrown Out Bank of America’s $1.3 Billion Fine. and resulted in Fannie Mae and Freddie Mac being.
Bank of America Corp. about $11.6 billion of settlements with government mortgage finance company Fannie Mae to end allegations the bank improperly sold mortgages that later soured, and to resolve.
Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6 billion to Fannie.
Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.
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Bank of America will pay Fannie $3.6 billion in cash and pay roughly .75 billion to repurchase about 30,000 mortgage loans, which is to be covered by existing mortgage putback reserves, along.