Bank of America to Pay Fannie Mae $10 Billion

Fannie Mae has a little more than $10 billion coming its way, as Bank of America has agreed to pay the mortgage firm for any unsettled claims from the housing-market crash. Under the terms of the agreement, on top of the $3.6 billion check Bank of America plans to write Fannie, it will also buy $6.75 billion on discounted mortgages. After settling its debt to Freddie Mac in 2011, paying back Fannie Mae is the next major step on Bank of America’s road toward recovery and away from the risky home-lending game.