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Bank of America settles mortgage fraud case for $10 billion

Jan 07, 2013

http://www.latimes.com/business/la-fiw-bofa-settlement-fannie-mae-20130107,0,6085734.story

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."

 


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Dr. Stephen Jones


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