Bank of America Settles with Fannie Mae for $10 Billion+ – Fannie Mae As “Simple Jack

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Bank of America Settles with Fannie Mae for $10 Billion+ – Fannie Mae As “Simple Jack”​

By Anthony B. Sanders
01/07/2012

Bank of American had a bad day. First, they were a party to the latest government refinancing program (the $10 billion dollar foreclosure abuse settlement). Second, Bank of America has settled with mortgage giant Fannie Mae. WASHINGTON — Bank of America Corp. said Monday it had agreed to pay more than $10 billion to Fannie Mae to settle claims related to troubled mortgages sold largely by Countrywide Financial Corp. during the subprime housing boom. First of all, it was a housing boom, not just a subprime housing boom. Second, the government mortgage giants Fannie Mae knew that a large percentage...

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