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

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Bank of America did manage to earn $2 billion. to deal with foreclosures. And when the bank delayed foreclosures in the fourth quarter, it had to make compensatory payments to government-backed.

Bank of America has settled with mortgage finance company Fannie Mae to the tune of $11.6 billion over home loans that went bad when the housing bubble burst. The bank also announced a $1.8.

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Under terms of the agreement, Bank of America will pay Fannie Mae $3.6 billion and will spend another $6.75 billion to buy back mortgages from Fannie, the government-sponsored lending enterprise. Fannie Mae contends that Countrywide Financial misrepresented the quality of home loans it sold at the height of the real estate bubble.

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BofA had to pay $1.3 billion in penalties to Fannie Mae and Freddie Mac in the first nine months of 2011 because of the delays, the bank disclosed in a Securities and Exchange Commission filing.

Bank of America and federal prosecutors have accelerated their negotiations to resolve an investigation into the bank’s sale of troubled mortgage securities before the financial crisis. The two sides, however, remain far apart on crucial issues and a settlement remained elusive late Wednesday, even after the bank significantly raised its offer.

Gasparino outlines Trump's plans for Fannie Mae, Freddie Mac Bank shares sank last week after JPMorgan Chase & Co. said it set aside $1.3 billion in the third quarter to cover legal expenses that include the foreclosure problems. Bank of America Corp..

As part of the agreement to settle representations and warranties claims, Bank of America will make a cash payment to Fannie Mae of $3.6 billion and also repurchase for $6.75 billion certain residential mortgage loans sold to Fannie Mae, which Bank of America has valued at less than the purchase price.

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Also, in January, Bank of America agreed to pay $10.3 billion to Fannie Mae to settle a lawsuit concerning. "We continue to push through the process of cleaning up the delays and foreclosures. We.

Mortgage finance giant Freddie Mac said Tuesday that three of the country’s largest banks – Wells Fargo, Citigroup and SunTrust Banks – had agreed to pay a total of $1.3 billion to resolve claims on millions of home loans that have soured or may go bad.

Under the deal announced Monday, the bank will pay $3.6 billion to Fannie Mae and buy back $6.75 billion in loans that the North Carolina-based bank and its Countrywide banking unit sold to the government agency from Jan. 1, 2000 through Dec. 31, 2008. That includes about 30,000 loans.