Economy/Business News Alert

Bank of America, Fannie Mae reach mortgage loan settlement, AP reports

Bank of America has reached a settlement with Fannie Mae on residential mortgage loans sold by the bank and its Countrywide unit to the agency through the end of 2008.

The settlement includes a $3.6 billion payment to Fannie Mae. Bank of America will also buy back some of the loans sold to Fannie Mae for $6.75 billion.

Read more at:
http://www.washingtonpost.com/business/bank-of-america-reaches-settlement-with-fannie-mae-on-residential-mortgage-loans/2013/01/07/f78a9fa2-58cc-11e2-b8b2-0d18a64c8dfa_story.html

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