Bank of America will pay $9.3 billion to Fannie Mae and Freddie Mac to settle claims that it sold them faulty mortgage-backed securities during the housing bubble, a U.S. regulator said on Wednesday. The settlement resolves claims filed by the Federal Housing Finance Agency (FHFA), since 2008 the conservator of Fannie and Freddie for the government-controlled mortgage companies. It was the 10th settlement that the FHFA has reached in litigation that began in 2011 when it filed 18 lawsuits over about $200 billion in mortgage-backed securities, an investment product at the center of the recent global financial crisis. So far, the FHFA has recovered more than $10 billion from banks by asserting similar claims over mortgage securities.
via Business News - Yahoo Finance http://ift.tt/1p7WwHp
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