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BofA to pay $3.6 bn to Fannie Mae to settle mortgage claims

Jan 07 2013, 19:28 IST
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SummaryBank of America Corp said it reached a $3.6 billion settlement with Fannie Mae to resolve claims related to the sale and delivery of residential mortgage loans.

Bank of America Corp said it reached a $3.6 billion settlement with Fannie Mae to resolve claims related to the sale and delivery of residential mortgage loans.

The bank said it has also entered into agreements with two parties to sell its around $306 billion residential mortgage servicing rights.

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