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Bank of America to pay $11.6bn in Fannie Mae deal

bank-of-americaWASHINGTON: Bank of America said Monday it would pay $11.6 billion to settle claims on soured loans sold to mortgage finance giant Fannie Mae.


The settlement covers residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000, through December 31, 2008, the big US bank said in a statement.


Under the agreements, Bank of America will pay $3.55 billion in cash to the government-controlled Federal National Mortgage Association (Fannie Mae) and repurchase for $6.75 billion some residential mortgage loans sold to Fannie Mae.


In addition, Bank of America will pay $1.3 billion to address servicing issues, Fannie Mae said in a separate statement.


Copyright AFP (Agence France-Presse), 2013


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