This page was written, edited, reviewed & approved by Emil J. Fleysher following our comprehensive editorial guidelines. Emil J. Fleysher, the Founding Partner, has 15+ years of legal experience as a bankruptcy attorney. Our last modified date shows when this page was last reviewed.
As part of Bank of America’s continued effort to settle with Fannie Mae, the bank has announced approximately $11.6 billion dollars worth of settlements. Also, a $1.8 billion dollar sale for the collection rights to home loans. Bank of America is paying $3.6 billion to Fannie Mae; to buy back $6.75 billion in bad loans that the bank had mistakenly sold to the government.
This deal will successfully clear up all claims filed against Bank of America by the government-owned company. These and other purchases will result in only a small fourth-quarter profit for BofA in 2012. That is despite most of the settlement money being covered by their reserves. A separate settlement between Bank of America and Fannie Mae requires the payment of $1.3 billion to Fannie Mae. The payment is over foreclosure delays. The bank also sold the rights to collect payments on about $306 billion of loans to Nationstar Mortgage Holdings and Walter Investment Management.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
Emil specializes in consumer bankruptcy, debt settlement, and mortgage modification, offering a holistic approach to solving mortgage and debt problems. Emil listens to clients, understands their circumstances and goals, and helps them make the right choices by presenting all options and contingencies.
He is dedicated to helping South Floridians regain their financial freedom from overwhelming debt caused by high interest credit cards, bad mortgage loans, and uninsured medical expenses.
"*" indicates required fields
