Bank of America (BAC) defends its settlement of claims with Fannie Mae (FNMA.OB) and Freddie Mac...

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

Bank of America (BAC) defends its settlement of claims with Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) for pennies on the dollar: It's "a necessary step toward the ultimate recovery of the housing market." To Joe Weisenthal's thinking, it's an admission of a federal bailout: "It's the same too-big-to-fail logic all over again."