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Washington
FHFA announces $9.3B PLS settlement with BoA Corp.
WASHINGTON (3/27/14)--The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced Wednesday that it has reached a settlement in cases involving Bank of America, Countrywide Financial, Merrill Lynch and certain named individuals totaling approximately $5.83 billion.
 
According to the agency release, the agreement provides for an aggregate payment of around $9.33 billion by Bank of America that includes the litigation resolution as well as a purchase of securities by the bank from Fannie and Freddie.
 
Bank of America Corp. owns Countrywide and Merrill Lynch. The cases alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007. Allegations of common law fraud were made in the Countrywide and Merrill Lynch cases.
 
Of the 18 PLS suits filed in 2011, FHFA says it now has claims remaining in seven suits against various institutions and remains committed to satisfactory resolution of these pending actions.


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