Bank of America reaches settlement with Fannie Mae
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Bank of America has reached a settlement with Fannie Mae on residential mortgage loans sold by the bank and its Countrywide unit to the agency ahead of the nation's 2008 financial crisis.
The settlement includes a $3.6 billion payment to Fannie Mae. Bank of America will also buy back some of the loans sold to Fannie Mae for $6.75 billion.
Its stock gained more than 2 percent in premarket trading.
Bank of America bought Countrywide Financial Corp. in July 2008, just before the financial crisis. Countrywide was a giant in mortgage lending, but was also known for approving risky loans.
Bank of America Corp. also said Monday that it is also selling mortgage servicing rights on about 2 million loans.
The bank will take some charges, but expects "modestly positive" fourth-quarter earnings.
Tuesday, May 21 2013 9:45 PM EDT2013-05-22 01:45:27 GMT
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
Tuesday, May 21 2013 5:25 PM EDT2013-05-21 21:25:20 GMT
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Tuesday, May 21 2013 5:21 PM EDT2013-05-21 21:21:42 GMT
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Tuesday, May 21 2013 6:06 AM EDT2013-05-21 10:06:47 GMT
Looking for some waterfront property in tony Greenwich? A 50-acre compound known as Copper Beach Farm has hit the market with an asking price of $190 million.
Looking for some waterfront property in tony Greenwich? A 50-acre compound known as Copper Beach Farm has hit the market with an asking price of $190 million.
Monday, May 20 2013 11:17 AM EDT2013-05-20 15:17:26 GMT
Seamless North America and GrubHub say they're combining to create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S.
Seamless North America and GrubHub say they're combining to create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S.
Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion which would create the third-biggest specialty pharmaceutical company in the U.S.
Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion which would create the third-biggest specialty pharmaceutical company in the U.S.
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief.
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief.
Sunday, May 19 2013 6:53 PM EDT2013-05-19 22:53:31 GMT
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million — the highest Powerball jackpot in history.
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million — the highest Powerball jackpot in history.
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