BofA (BAC +4.4%) settles with Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) over housing loans...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

BofA (BAC +4.4%) settles with Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) over housing loans sold to them by former Countrywide Financial. As a result, BofA will record a $2B impairment and take a $3B provision related to repurchase obligations (PR)