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B of A Settles with Fannie, Foreclosure Pact Within Reach, Regulators Agree to Make Basel More Flexible

JAN 7, 2013 9:03am ET

Breaking News This Morning ...

B of A Settles with Fannie: B of A has agreed to pay $10.3 billion to settle claims that it sold bad loans to Fannie Mae. Under the terms of the settlement, the bank will pay Fannie $3.6 billion, and will also spend $6.75 billion buying back mortgages from the housing giant at a discount to their original value. The settlement is likely to wipe out B of A's earnings for…

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