BofA Inks $10B Home Loans Settlement With Fannie Mae

Law360, New York (January 7, 2013, 12:33 PM EST) -- Bank of America Corp. on Monday agreed to a $10.3 billion settlement with Fannie Mae that will see the banking giant buy back approximately $6.75 billion in mortgages, many of them issued by Countrywide Financial Corp.

The settlement will also see BofA pay $3.6 billion to resolve claims that Countrywide and BofA's mortgage lending unit misrepresented the quality of home loans they sold to Fannie Mae during the housing bubble.

Fannie Mae and the federal agency that has served as its conservator since 2008 have been...
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