bank of america
WASHINGTON, DC (WUSA) -- Bank of America has agreed to pay $10 billion to Fannie Mae in a settlement.
The deal results from the risky residential mortgage loans sold by the bank and its Countrywide unit during the housing meltdown.
BOA will pay more than $3 billion in cash to Fannie Mae and repurchase more than $6 in questionable loans that lead to massive losses for the government enterprise.