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BofA to pay Fannie Mae $10 Billion

Via New York Times:
Bank of America agreed on Monday to pay more than $10 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank’s Countrywide Financial subsidiary. Under the terms of the pact, Bank of America will pay Fannie Mae $3.6 billion, and will also spend $6.75 billion to buy back mortgages from the housing finance giant at a discount to their original value. . .

Of note, the $10B in charges will only hurt earnings by a little over $3B. - Greg Pollowitz


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