Bank of America agreed to pay $9.5bn (£5.7bn) to settle charges - TopicsExpress



          

Bank of America agreed to pay $9.5bn (£5.7bn) to settle charges it misled US mortgage lenders Fannie Mae and Freddie Mac before the housing crisis in 2008. The bank will pay $6.3bn in cash and buy back $3.2bn in mortgage securities. The settlement resolves four lawsuits filed in 2011 by US regulatory agency, the Federal Housing Finance Authority (FHFA). Those suits were filed against Bank of America as well as Countrywide and Merrill Lynch. Bank of America bought Countrywide and Merrill Lynch in 2008 and 2009 respectively, during the height of the financial crisis.
Posted on: Fri, 28 Mar 2014 12:10:09 +0000

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