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.
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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