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James Kimmons

Fannie Mae & Bank of America Settle

By January 7, 2013

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Text from beginning of news release:

The Federal Housing Finance Agency (FHFA) has approved an agreement between Fannie Mae and Bank of America to resolve certain claims related to mortgages sold to Fannie Mae between 2000 and 2008, including the repurchase of approximately 30,000 loans by Bank of America. In addition, FHFA has approved the transfer of servicing for roughly one million loans from Bank of America to specialty servicers. The approval of these agreements is consistent with FHFA's responsibilities as conservator of Fannie Mae. The agreements were also reviewed and approved by the Fannie Mae Board of Directors.

Here's the full news release PDF.

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