Fannie Mae Announces $10.3 Billion Agreement with Bank of America - January 8, 2013

From Fannie Mae Press Release:

Fannie Mae Reaches Comprehensive Resolution with Bank of America, Yielding Positive Outcome for Taxpayers

Agreement Results in Payment of $3.55 Billion and Repurchase of 30,000 loans for $6.75 Billion

Fannie Mae Approves the Transfer of Servicing Rights of 941,000 Loans from Bank of America to Specialty Servicers

Bank of America Will Pay $1.3 Billion in Compensatory Fee Obligations

Pete Bakel

202-752-2034

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) today announced a comprehensive resolution with Bank of America, including a $10.3 billion agreement on existing and prospective repurchase requests on a specified population of loans and an additional payment of $1.3 billion to address servicing issues. Click here to read the Form 8-K.