Register | Forgot Your Password? | Close

(AP) - SETTLEMENT DAY: Bank of America reached an $11.6 billion settlement with government mortgage agency Fannie Mae to settle claims resulting from mortgage-backed investments that soured during the housing crash, bringing it a step closer to clearing up its legacy of bad home loans. The bank was also part of a separate settlement between regulators and mortgage companies over wrongful foreclosure practices.

NEARER TO NORMAL: The move takes the bank, a poster child of the financial crisis, a step closer to normal. It agreed in September to pay $2.43 billion to settle a class-action lawsuit related to its takeover of Merrill Lynch in 2008.

SMALL PROFIT: Despite racking up the charges, the bank said that it still expects fourth quarter earnings to be "modestly positive."


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus