Bank of America (BAC -7.5%) reportedly agrees to sell part of its mortgage portfolio to Fannie...

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

Bank of America (BAC -7.5%) reportedly agrees to sell part of its mortgage portfolio to Fannie Mae (FNMA.OB) for at least $500M. The deal is said to deliver the rights to process and collect payments on a pool of 400,000 loans with an unpaid principal balance of $73B.