Bank Of America Settles With Fannie, Freddie For $3 Billion Over Bad Counrtywide Loans

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Bank Of America Settles With Fannie, Freddie For $3 Billion Over Bad Counrtywide Loans

Bank Of America Settles With Fannie, Freddie For $3 Billion Over Bad Counrtywide Loans

Bank of America in $3 billion mortgage settlement

By Aaron Smith, staff writerJanuary 3, 2011: 9:02 AM ET

NEW YORK (CNNMoney) — Bank of America has reached a $3 billion agreement with Freddie Mac and Fannie Mae to resolve a faulty mortgage loan dispute involving Countrywide Financial Corp.

Bank of America (BAC, Fortune 500) said that it paid nearly $1.3 billion to Freddie Mac and more than $1.3 billion to Fannie Mae on Dec. 31.

The purpose of this agreement is to settle an issue of bad mortgages sold by Countrywide to Fannie Mae and Freddie Mac related to the housing crisis of 2008.

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