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
Bank of America and Fannie Mae have agreed to settle legal issues stemming from the subprime mortgage crisis. The bank will pay Fannie Mae $3.6 billion in cash and will also spend $6.7 billion to repurchase certain mortgages sold to Fannie Mae.» E-Mail This » Add to Del.icio.us
One of the things that has been galling is watching various officials tasked to protect the public from financial services miscreants is to have them prattle meaningless statistics about how the number of actions of various sorts that they’ve taken is up relative to the previous incumbents. That’s tantamount to a MASH unit tallying up what a great job they did in improving the vaccination rate while not even looking at a huge rise in the mortality rate and questioning whether their response was adequate.
Bank of America will pay $3.6 billion in cash to Fannie Mae. Apple struggles to overturn a ruling allowing Samsung to sell its smartphones. Winner from the lottery poisoned with cyanide. Hawaiian Airlines will deal with Airbus for 16 new A321neo planes.
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.