St Louis Mortgage Loan and Finance Lending: Bank of America Is Settling
St Louis Mortgage and Real Estate News –
St Louis Mortgage Lending and Loan Modification: Bank of America Settles For $3 Billion Dollars
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Reduction Advocate
Bank of America (BOA) said that it paid nearly $1.3 billion to Freddie Mac and more than $1.3 billion to Fannie Mae on December 31, 2010 to resolve a faulty mortgage loan dispute involving Countrywide Financial Corp.
The $2.6 billion worth of payments to Freddie and Fannie, combined with potential losse on future repurchases from government-sponsored enterprises, adds up to $3 billion in expenses, according to St Louis loan experts.
Bank of America also expects to take an additional $2 billion charge to fourth-quarter results from
the decline in the mortgage business, bringing the total impact to the company to $5 billion.
"Our goals remain the same: put these issues behind us; focus on serving customers and clients; and continue to help distressed homeowners facing difficult times," said Bank of America Chief Executive Brian Moynihan.
The deals with Freddie Mac and Fannie Mae don't cover loan servicing obligations, other contractual obligations or loans contained in private label securitizations.
But the agreements are a sign that the bank is working quickly to deal with buyback claims.
Fannie Mae said in a statement that the Bank of America deal was a "fair and responsible resolution" of the outstanding claims.
The company said the agreement accounts for about 44 percent of the $7.7 billion in repurchase requests outstanding with all of its seller servicers as of September 30, 2010.
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When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
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