FHFA Said To Seek $6 Billion From BofA For Mortgage Settlement

FHFA has reportedly sought $6 billion from Bank of America Corp (NYSE:BAC) for settlement of claims that the bank has willfully sold RMBS to Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC). Recently JPMorgan Chase & Co. (NYSE:JPM) has reached a tentative agreement to pay a record $13 billion fine to the Justice Department to settle probes into its residential mortgage-backed securities. If finalized, $4 billion would settle allegations by the FHFA that JPMorgan overstated the quality of the mortgages it sold to the government-sponsored housing finance enterprises Fannie Mae / Federal National Mortgage…