Bank of America ‘Gift’: $2.8B Settlement of Bad Mortgage Claims

Bank of America has agreed to pay Fannie Mae and Freddie Mac $2.8 billion to settle claims it sold mortgages that did not meet specifications.

The amount was lower than expected, according to Reuters and the Associated Press. Christopher Whalen, senior vice president for research firm Institutional Risk Analytics, called the deal “a gift to Bank of America,” according to the Reuters story.

Click [HERE] for more information| ABA Journal

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