BofA Offers $404 Million To Settle Freddie Buyback Claims
December 6, 2013
Freddie Mac this week racked up another settlement in the GSEs recent ongoing series of mortgage buyback deals when Bank of America announced it will pay $404 million to settle repurchase obligations tied to loans sold between 2000 and 2009. The payment also compensates Freddie for certain past losses and potential future losses relating to denials, rescissions and cancellations of mortgage insurance, the GSE said. The amount is less $13 million of repurchases already made.