BofA pays $1.3 billion to Fannie, Freddie for foreclosure delays

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The company said the settlement would trim first-quarter profit by about $3.7 billion before taxes, or 21 cents a share after tax.

Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6 billion to Fannie.

In keeping with this week’s developing "real estate crisis" motif, it looks like Fannie Mae and Freddie Mac might be on their way out. That is, if one-time chief apologist Barney Frank has his way. First, I just have to say that my hat’. 3 comments – 0 silver bananas – Mar 3 2010 – 10:46am – Eddie Braverman

A separate settlement over foreclosure delays will result in Bank of America paying $1.3 billion to Fannie Mae, the mortgage company said.. Nationstar had just won the rights to collect payments on a separate $215 billion mortgage portfolio, and Fannie and Freddie. have agreed to pay out billions of dollars in settlements and homeowner.

Fees of $1.3 billion will be paid to Fannie for its role as a loan payment processor for the collapsed company. Fannie had been demanding that BofA repurchase $11.2 billion in Countrywide loans.

That includes about 30,000 loans. The bank is also paying $1.3 billion to the agency for failing to deal with foreclosures fast enough. Also Monday, a separate settlement was announced between federal regulators and ten major banks and mortgage companies, including Bank of America, over wrongful foreclosure practices.

Bank of America will make a US$3.6-billion cash payment, spend US$6.75-billion to buy back residential loans sold to Fannie Mae, and pay US$1.3-billion in fees for taking too long to assist or.

Gasparino: Mnuchin, Calabria disagree on how to reform Fannie Mae and Freddie Mac Court orders Bank of America to pay $1.3 billion for bad mortgages. A federal judge on Wednesday ordered Bank of America to pay $1.27 billion in damages over shoddy mortgages sold to Fannie Mae and Freddie Mac just before the housing crisis. Last fall, a jury found the country’s second-largest bank liable for fraud over the sale.

 · The Charlotte, N.C.-based bank announced today (Monday) it had reached a $10.4 billion settlement with federal mortgage issuer Fannie Mae, resolving all of Bank of America’s disputes with Fannie.

Nationstar had just won the rights to collect payments on a separate $215 billion mortgage portfolio, and Fannie and Freddie. have agreed to pay out billions of dollars in settlements and homeowner.

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