Advertisement

March 27, 2014 / 7:47 AM

BofA settlement: $9.5B to settle Fannie Mae and Freddie Mac claims

Bank of America to pay $6.3 billion to Fanny Mae and Freddie Mac, and repurchase residential mortgage-based securities worth $3.2 billion.

Bank of America agreed Wednesday to pay $9.5 billion to settle claims by government-sponsored mortgage finance giants Fannie Mae and Freddie Mac.

The settlement is compensation the two lenders demanded in exchange for losses on securities backed by faulty loans during the housing boom.

Advertisement

Bank of America said the settlement would satisfy all claims against the bank by the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac.

The FHFA said Bank of America violated federal and state securities laws, along with Countrywide and Merrill Lynch.

Under the agreement, Bank of America will pay $6.3 billion to Fannie and Freddie and repurchase residential mortgage-based securities worth $3.2 billion.

[Los Angeles Times] [Forbes]

Read More

Dozens arrested at UT-Austin, USC as universities struggle to contain Israel-Hamas protests

U.S. News // 1 hour ago

Dozens arrested at UT-Austin, USC as universities struggle to contain Israel-Hamas protests

April 25 (UPI) -- Dozens of demonstrators participating in pro-Palestine protests at university campuses throughout the country were arrested Wednesday evening, as schools struggle to contain growing anger over the Israel-Hamas war.

West Virginia to appeal ruling against transgender athlete ban to Supreme Court

U.S. News // 2 hours ago

West Virginia to appeal ruling against transgender athlete ban to Supreme Court

April 24 (UPI) -- West Virginia plans to appeal a recent ruling against the state's transgender athlete ban to the U.S. Supreme Court, the state attorney general announced Wednesday.

Arizona House votes to repeal 1864 abortion ban

U.S. News // 3 hours ago

Arizona House votes to repeal 1864 abortion ban

April 24 (UPI) -- Arizona's Republican-controlled House voted Wednesday to overturn the state's 1864 ban on nearly all abortions. The vote paves the way for a repeal that would revert Arizona abortion law to a 15-week ban.

Former Connecticut city alderman gets 10 days for 2021 Capitol breach

U.S. News // 4 hours ago

Former Connecticut city alderman gets 10 days for 2021 Capitol breach

April 24 (UPI) -- A federal judge on Wednesday sentenced former Derby, Ct., Alderman Gino DiGiovanni Jr. to 10 days in jail and ordered him to pay $500 restitution for entering the U.S. Capitol on Jan. 6, 2021.

House Speaker Mike Johnson calls on Columbia's president to resign

U.S. News // 13 hours ago

House Speaker Mike Johnson calls on Columbia's president to resign

April 24 (UPI) -- House Speaker Mike Johnson met with Jewish students at Columbia University on Wednesday and called on president Nemat "Minouche" Shafik to resign during a tense campus news conference before pro-Palestinian activists.

USDA announces new school meal standards that call for less sugar, salt in students' food

U.S. News // 8 hours ago

USDA announces new school meal standards that call for less sugar, salt in students' food

April 24 (UPI) -- Gradually improved nutrition standards for school meals will help promote the health of the nation's schoolchildren, the United States Department of Agriculture announced Wednesday.

Israeli-American hostage Hersh Goldberg-Polin appears in Hamas video

U.S. News // 9 hours ago

Israeli-American hostage Hersh Goldberg-Polin appears in Hamas video

April 24 (UPI) -- Hamas Wednesday released a video of injured Israeli-American hostage Hersh Goldberg-Polin. The video showed him delivering a long statement written by Hamas.

N.J. Rep. Donald Payne Jr. dies after hospitalization for diabetes

U.S. News // 10 hours ago

N.J. Rep. Donald Payne Jr. dies after hospitalization for diabetes

April 24 (UPI) -- Rep. Donald Payne Jr., who followed in the footsteps of his father by taking his Congressional seat in 2012, has died after being hospitalized for diabetes earlier in the month. He was 65.

Biden approves $95B aid package for Ukraine, Israel, Taiwan -- and potential TikTok ban

U.S. News // 10 hours ago

Biden approves $95B aid package for Ukraine, Israel, Taiwan -- and potential TikTok ban

April 24 (UPI) -- Ukraine, Israel and Taiwan will get military aid while TikTok will get a new owner in the United States or or be banned in the nation after President Joe Biden signed a $95 billion aid package bill into law Wednesday.

USDA takes new steps to better avert bird flu in nation's livestock

U.S. News // 10 hours ago

USDA takes new steps to better avert bird flu in nation's livestock

April 24 (UPI) -- The Department of Agriculture said Wednesday it's working with other agencies to protect the U.S. livestock industry from H5N1 bird flu. A federal order will develop critical information to limit the virus spread.

Advertisement

Advertisement

Advertisement