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BOA $10 Billion Settlement

6:26 PM, Jan 7, 2013   |    comments
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WASHINGTON, DC (WUSA) -- Bank of America has agreed to pay $10 billion to Fannie Mae in a settlement.

The deal results from the risky residential mortgage loans sold by the bank and its Countrywide unit during the housing meltdown.

BOA will pay more than $3 billion in cash to Fannie Mae and repurchase more than $6 in questionable loans that lead to massive losses for the government enterprise. 

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