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

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.

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Bank of America will pay Fannie Mae $3.55 billion in penalties and also spend $6.8 billion to repurchase about 30,000 of the most questionable home loans. In 2011, it settled a similar complaint with.

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In addition to the settlement, Bank of America will also pay $1.3 billion in fees to Fannie related to its role as a loan payment processor for the mortgage-finance giant. Tweet Share

Bank of America is paying $3.6 billion to Fannie Mae and buying back $6.75 billion of bad loans from the mortgage company to clear up all claims that government-owned fannie mae had made against.

Housing Bubble 2.0 - Foreclosure Filings Up in 17 States - Fannie Mae Sells Off Critical Inventory : Also on January 6, 2013, Fannie Mae and Bank of America entered into a compensatory fee agreement to resolve outstanding and certain future compensatory fees owed by Bank of America due to servicing delays. Bank of America made an initial payment to Fannie Mae of $1.3 billion in January 2013.

Under terms of the transaction, Citigroup will pay $2.1 billion. providers, Fannie Mae and Freddie Mac; Lehman Brothers, the country’s fourth-largest investment bank, collapsed and filed the.

Court orders Bank of America to pay $1.3 billion for bad mortgages. A federal judge on Wednesday ordered Bank of America to pay $1.27 billion in damages over shoddy mortgages sold to Fannie Mae and Freddie Mac just before the housing crisis. Last fall, a jury found the country’s second-largest bank liable for fraud over the sale.

Fees of $1.3 billion will be paid to Fannie for its role as a loan payment processor for the collapsed company. Fannie had been demanding that BofA repurchase $11.2 billion in Countrywide loans.

BofA MBS trial adjourned until Nov. 14 Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.

The banks did have sloppy paperwork practices, but they were also dealing with a historic wave of foreclosures created in large part by government-backed Fannie Mae and Freddie Mac. banking.

In addition, Bank of America will pay US$1.3 billion (A$1.2 billion) to address mortgage servicing issues, Fannie Mae said in a separate statement. ”A favorable resolution of this long-standing dispute between Fannie Mae and Bank of America is in the best interest of taxpayers,” said Bradley Lerman, Fannie Mae executive vice president.

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