Bank Of America's $12 Billion Fraud Settlement With Fannie

"We thought this would be dragged out at least another two years." Good discussion yesterday on Bloomberg.  FBR banking analyst Paul Miller on BofA's agreement to pay Fannie Mae $11.7 billion to resolve home-loan repurchase claims. --- BofA Settles Fraud With Fannie Mae For $12B, Moynihan Escapes Countrywide Bloomberg Bank of America will make a $3.6 billion cash payment, spend $6.75 billion to buy back residential loans sold to Fannie Mae, and pay $1.3 billion in fees for taking too long to assist or foreclose on overdue borrowers, according to separate statements.  Even after these costs and an additional $2.5 billion for expenses that include litigation and a separate regulatory settlement, the Charlotte, North Carolina-based lender said the fourth quarter was “modestly” profitable. It’s the latest effort by Chief Executive Officer Brian T. Moynihan to cap...