BofA pays $1.3 billion to Fannie, Freddie for foreclosure delays

Mortgage finance giant Freddie Mac said Tuesday that three of the country’s largest banks – Wells Fargo, Citigroup and SunTrust Banks – had agreed to pay a total of $1.3 billion to resolve claims on millions of home loans that have soured or may go bad.

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BofA had to pay $1.3 billion in penalties to Fannie Mae and Freddie Mac in the first nine months of 2011 because of the delays, the bank disclosed in a Securities and exchange commission filing.

 · Bank of America is paying $3.6 billion to Fannie Mae and buying back $6.75 billion of bad loans from the mortgage company to clear up all claims that government-owned Fannie Mae.

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They are tied to mortgages that don’t have government guarantees, but that meet the minimum standards from U.S. backed-Fannie Mae or Freddie Mac. according to Bank of America Corp. strategists. The.

Slam Dunk Stimulus – The Natural History of a Rumor Linda Lowell Even though a foreclosure remains on an individual’s credit history for seven years, the credit score can recover in as little as two years, but there’s a hitch. Read More

Fannie Mae Is Not Postponing Foreclosures Anymore! Court orders Bank of America to pay $1.3 billion for bad mortgages. A federal judge on Wednesday ordered Bank of America to pay $1.27 billion in damages over shoddy mortgages sold to Fannie Mae and Freddie Mac just before the housing crisis. Last fall, a jury found the country’s second-largest bank liable for fraud over the sale.

A separate settlement over foreclosure delays will result in Bank of america paying .3 billion to Fannie Mae, the mortgage company said.. Nationstar had just won the rights to collect payments on a separate $215 billion mortgage portfolio, and Fannie and Freddie. have agreed to pay out billions of dollars in settlements and homeowner.

Under the deal announced Monday, the bank will pay $3.6 billion to Fannie Mae and buy back $6.75 billion in loans that the North Carolina-based bank and its Countrywide banking unit sold to the government agency from Jan. 1, 2000 through Dec. 31, 2008. That includes about 30,000 loans.

Bank of America and federal prosecutors have accelerated their negotiations to resolve an investigation into the bank’s sale of troubled mortgage securities before the financial crisis. The two sides, however, remain far apart on crucial issues and a settlement remained elusive late Wednesday, even after the bank significantly raised its offer.

They are tied to mortgages that don’t have government guarantees, but that meet the minimum standards from U.S. backed-Fannie Mae or Freddie Mac. according to Bank of America Corp. strategists. The.