FHFA Is Said to Seek at Least $6 Billion From BofA for MB
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A U.S. housing regulator is seeking at least $6 billion from Bank of America Corp. to settle civil claims the firm sold faulty mortgage bonds to government-backed finance companies Fannie Mae and Freddie Mac, according to a person with direct knowledge of the discussions.
The person requested anonymity because negotiations with the Federal Housing Finance Agency, which are continuing and may not result in a deal, are private. Larry DiRita, a spokesman for Charlotte, North Carolina-based Bank of America, declined to comment and the FHFA’s Denise Dunckel said the regulator doesn’t comment on pending litigation. The Financial Times reported on the proposed settlement amount yesterday.