04 January 2011

Bank of America to pre-emptively pay a lot of money to Fannie Mae and Freddie Mac

Looks as though Bank of America is scared shitless in advance of WikiLeaks's promised coredump:
Bank of America said it agreed Monday to pay $2.8 billion to taxpayer-funded Fannie Mae and Freddie Mac to settle claims that it sold the mortgage giants bad home loans.

The agreement is the biggest so far between Fannie and Freddie and lenders that sold them loans during the subprime lending boom and before standards were tightened.
The $2.8 billion represents loans that BofA bought from subprime lender-scammer Countrywide.

It's as if WikiLeaks is getting BofA to pay for 0.3% of the tax cuts for millionaires.

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