Under the deal announced Monday, Bank of America will pay $3.6 billion in cash to Fannie Mae and buy back $6.75 billion in loans that the bank and its Countrywide Financial unit sold to the agency from Jan. 1, 2000, through Dec. 31, 2008. That includes about 30,000 loans.
The bank is also paying $1.3 billion to the agency for failing to deal with foreclosures fast enough.
Read more: Bank of America reaches $11.6 billion settlement with Fannie Mae - The Denver Post
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