Bank of America to pay $11 billion to Fannie Mae - FOX 29 News Philadelphia | WTXF-TV

Bank of America to pay Fannie Mae $11 billion for mortgage settlement

Posted: Updated:
CHICAGO (FOX 32 News) -

Bank of America announced Monday that it will pay $11 billion to Fannie Mae to settle allegations that mortgages were improperly handled during the financial crisis.

The bank will pay $3.6 billion in cash related to how it sold and distributed certain residential mortgage loans.

It will also repurchase close to $7 billion worth of residential mortgage loans it sold to Fannie Mae.

The Federal Housing Finance Agency says the settlement is in the best interest of taxpayers and reduces uncertainty in the nation's mortgage finance market.

Share Your Photos & Video

Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices