Bank of America Corporation (BAC), the second largest bank in the US in terms of total assets, agreed to settle with the Federal Housing Finance Agency (FHFA) – which regulates the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FMCC) – for $9.5 billion over a dispute regarding risky mortgage securities sold to Fannie Mae and Fre
Taxpayers are already on the hook for $180 billion in losses at Fannie Mae and Freddie Mac. That number is going to rise, perhaps significantly.
The clever synonym for more taxpayer losses is "treasury Advance". With that understanding, please consider Fannie Mae's Losses Narrow but Treasury Advance Requested.
CHARLOTTE, N.C. — Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. 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. Its shares edged up 14 cents to $12.25 in premarket trading after the announcement.