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Bank of America to pay $11.6B in Fannie Mae deal

In this Dec. 13, 2012, photo, a customer stops at a Bank of America ATM office in Boston. Bank of America Corp. said Monday, Jan. 7, 2013, it would pay $11.6 billion to settle claims on soured loans sold to government-backed mortgage finance giant Fannie Mae during the home price bubble.  AP PHOTO/CHARLES KRUPA

WASHINGTON—Bank of America said Monday it would pay $11.6 billion to settle claims on soured loans sold to government-backed mortgage finance giant Fannie Mae during the home price bubble.   Under the agreements, Bank of America Corp. said it would pay $3.55 billion in cash to Fannie Mae and repurchase for $6.75 billion some residential [...]

Posted: January 7th, 2013 in Latest Business Stories | Read More »

Bank of America job cuts could hit 40,000—report

bank-of-america

US financial giant Bank of America is considering cutting up to 40,000 jobs as part of a hotly anticipated round of belt-tightening, the Wall Street Journal reported Friday.

Posted: September 9th, 2011 in Featured Gallery,Latest Business Stories | Read More »

Bank of America to cut 3,500 jobs—report

bank-of-america

Bank of America will cut 3,500 jobs this quarter as part of a wider restructuring that could lead to the loss of thousands more jobs, the Wall Street Journal reported Friday.

Posted: August 19th, 2011 in Featured Gallery,Latest Business Stories | Read More »

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