Fitch Positive on BofA (BAC) Mortgage Settlement with Fannie Mae (FMNA)
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Goldman Sachs Lifts Numbers on Bank of America (BAC) Following Fannie Mae Settlement
January 7, 2013 3:32 PM ESTGoldman Sachs raised estimates and its price target on Bank of America (NYSE: BAC) from $12 to $12.50 following today's settlement with Fannie Mae and sale of servicing rights for 2 million loans. The firm maintained a Neutral rating.
Goldman sees the announcements as a positive for EPS as: "(1) the... More
Fannie Mae Deal 'Modestly Beneficial' for Bank of America (BAC)
January 7, 2013 1:19 PM ESTThis morning Bank of America (NYSE: BAC) announced a $3.6 billion agreement with Fannie Mae to resolve outstanding repurchase relating to sales by legacy Countrywide products. The bank will also repurchase $6.75 billion certain residential mortgage loans. In addition, Bank of America announced that it signed definitive agreements to sell the servicing rights on 2.0... More
BofA (BAC) Enters Settlement w/ Fannie Mae on Residential Loans; Sees Q4 Impact
January 7, 2013 7:32 AM ESTBank of America (NYSE: BAC) announced agreements with the Federal National Mortgage Association (OTCBB: FNMA) to resolve outstanding and potential repurchase and certain other claims relating to the origination, sale and delivery of substantially all residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000 through December 31, 2008 by entities related to Countrywide Financial Corporation (legacy Countrywide) and Bank of America, National Association (BANA).
In addition, Bank of America announced that it signed definitive agreements to sell the servicing rights on 2.0 million residential mortgage loans totaling approximately $306 billion,... More
