Bank of America Announces Settlement with Fannie Mae
Bank of America (NYSE: BAC) today announced agreements with the Federal National
Mortgage Association (Fannie Mae) to resolve outstanding and potential
repurchase and certain other claims relating to the origination, sale
and delivery of substantially all residential mortgage loans originated
and sold directly to Fannie Mae from January 1, 2000 through December
31, 2008 by entities related to Countrywide Financial Corporation
(legacy Countrywide) and Bank of America, National Association (BANA).
In addition, Bank of America announced that it signed definitive
agreements to sell the servicing rights on 2.0 million residential
mortgage loans totaling approximately $306 billion, as measured by the
aggregate unpaid principal balance (as of November 30, 2012).