Bank of America today announced an agreement with the Federal Home Loan
Mortgage Corporation (Freddie Mac) to resolve all remaining
representations and warranties claims for residential mortgage loans
sold to Freddie Mac through the end of 2009.
Under terms of the agreement, Bank of America will pay Freddie Mac a
total of $404 million (less credits of $13 million) to resolve all
outstanding and potential mortgage repurchase and make-whole claims
related to loans sold to Freddie Mac from January 1, 2000 to December
31, 2009, and to compensate Freddie Mac for certain past losses and
potential future losses relating to denials, rescissions and
cancellations of mortgage insurance. The payments are fully covered by
existing reserves
See full press release
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in