Bank of America settles mortgage claims with Freddie Mac

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Bank of America will pay$404 million to resolve all current and potential claims associated with 716,000 loans that were originated between 2000 and 2009, and sold to Freddie Mac.

Bank of America, which bought Countrywide Financial in 2008, had previously settled representations and warranties claims related to loans that Countrywide sold to Freddie Mac through 2008, Reuters reports. In January, the bank agreed to pay $3.6 billion to Fannie Mae to resolve repurchase claims over Countrywide and Bank of America loans from 2000 to 2008.

According to Reuters, Bank of America has agreed to pay more than $45 billion in the last three years to settle claims stemming from the housing and financial crisis.

Source: reuters.com