Los Angeles Business Journal

BofA to Settle with Fannie Mae

Monday, January 7, 2013

Bank of America Corp. announced a deal on Monday aimed at resolving its biggest hangover stemming from its acquisition of Countrywide Financial Corp. of Calabasas. It will pay $10.3 billion to Fannie Mae in cash and mortgage repurchases covering nearly a decade's worth of home loans, the Wall Street Journal and Bloomberg News report. BofA also was among 10 U.S. banks that reached an $8.5 billion agreement with bank regulators to settle charges of foreclosure abuse.