Bank of America reaches multi-billion dollar settlement with Fannie Mae

If you’d like to discuss real estate matters, contact Rose Law Group Founder Jordan Rose, jrose@roselawgroup.com

Bank of America has reached a settlement with Fannie Mae on residential mortgage loans sold by the bank and its Countrywide unit to the agency ahead of the nation’s 2008 financial crisis, Fox News reports.

The settlement includes a $3.6 billion payment to Fannie Mae. Bank of America will also buy back some of the loans sold to Fannie Mae for $6.75 billion.

Its stock gained more than 2 percent in premarket trading.

Bank of America bought Countrywide Financial Corp. in July 2008, just before the financial crisis. Countrywide was a giant in mortgage lending, but was also known for approving risky loans.

Bank of America Corp. also said Monday that it is also selling mortgage servicing rights on about 2 million loans.

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January 7, 2013

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