Bank of America to pay Fannie Mae $11 billion for mortgage settlement
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CHICAGO (FOX 32 News) -
Bank of America announced Monday that it will pay $11 billion to Fannie Mae to settle allegations that mortgages were improperly handled during the financial crisis.
The bank will pay $3.6 billion in cash related to how it sold and distributed certain residential mortgage loans.
It will also repurchase close to $7 billion worth of residential mortgage loans it sold to Fannie Mae.
The Federal Housing Finance Agency says the settlement is in the best interest of taxpayers and reduces uncertainty in the nation's mortgage finance market.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Sunday, May 19 2013 11:50 AM EDT2013-05-19 15:50:06 GMT
One number in Saturday night's Powerball drawing was the difference for a dozen Illinois players between being $10,000 richer and living the life of a multi-millionaire - whose ticket was purchased in Florida.
One number in Saturday night's Powerball drawing was the difference for a dozen Illinois players between being $10,000 richer and living the life of a multi-millionaire - whose ticket was purchased in Florida.
Friday, May 17 2013 2:26 PM EDT2013-05-17 18:26:00 GMT
The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
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The Powerball jackpot has jumped again! An incredible $600 million is up for grabs, and officials expect it will increase even more before Saturday night's drawing.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Chicago born designer Samantha Sleeper is making a triumphant return home this weekend, to showcase her latest collection in the Gold Coast at her very own pop-up shop.
Thursday, May 16 2013 9:49 PM EDT2013-05-17 01:49:53 GMT
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Mayor Emanuel will celebrate two years in office by unveiling "Elevate Chicago" on Thursday, a series of construction projects to improve Navy Pier and McCormick Place.
Thursday, May 16 2013 1:51 PM EDT2013-05-16 17:51:56 GMT
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
The Chicago Farmer's Market opened for business in Daley Plaza on Thursday, offering fresh fruit, vegetables, plants and flowers to anyone who stops by the downtown set-up.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
You can save thousands of dollars on your yard projects in just a couple of weekends, even if you haven't tried working on it before! FOX consumer reporter Steve Noviello shows you how.
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Former "Charlie's Angel" Jaclyn Smith is celebrating 28 years with Kmart by launching her new outdoor living line. She explained you can bring the comfort of the indoors outside by "shopping your way."
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
Wicker Park and Bucktown are hosting their very first Wed Local Expo at the Double Door. Couples can plan their weddings using local businesses. Chamber of Commerce president Stephanie Sack explains.
