Bank of America to pay $11 billion to Fannie Mae - Chicago News and Weather | FOX 32 News

Bank of America to pay Fannie Mae $11 billion for mortgage settlement

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CHICAGO (FOX 32 News) -

Bank of America announced Monday that it will pay $11 billion to Fannie Mae to settle allegations that mortgages were improperly handled during the financial crisis.

The bank will pay $3.6 billion in cash related to how it sold and distributed certain residential mortgage loans.

It will also repurchase close to $7 billion worth of residential mortgage loans it sold to Fannie Mae.

The Federal Housing Finance Agency says the settlement is in the best interest of taxpayers and reduces uncertainty in the nation's mortgage finance market.

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