Bank of America settles mortgage fraud case for $10 billion
Jan 07, 2013
Bank of America madoff with a lot more than this, but even though crime pays in America, at least now it is on public record that the bank did wrong.
They had to pay $3.6 billion to Fannie Mae and buy back $6.75 billion worth of the toxic mortgages they sold to Fannie Mae. The article reads:
"The settlement includes a $3.6 billion payment to Fannie Mae. Bank of America will also buy back some of the loans sold to Fannie Mae for $6.75 billion."