BofA To Pay $9.3B To Settle Fannie, Freddie MBS Claims
By Dan Ivers (March 26, 2014, 6:20 PM EDT) -- Bank of America Corp. has agreed to pay $9.3 billion to settle lawsuits filed in New York and California federal courts by the Federal Housing Finance Agency alleging the bank misrepresented billions of dollars in mortgage-backed securities sold to Fannie Mae and Freddie Mac that led to the financial crisis.
In exchange for dismissing the four suits, filed by the FHFA in its capacity as conservator for Fannie Mae and Freddie Mac, BofA and subsidiaries Countrywide Financial Corp. and Merrill Lynch will pay $5.83 billion to the mortgage finance titans, and purchase another $3.2 billion in mortgage-backed securities from the companies,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!