Bank of America has taken a big step towards resolving claims that its Countrywide Financial unit sold loans based on faulty information by agreeing to pay $2.6bn to Fannie Mae and Freddie Mac, the struggling mortgage finance companies.
Fannie Mae and Freddie Mac, known as government-sponsored entities, were rescued by the US Treasury in 2008 and have received more than $150bn in taxpayer aid to stem ballooning losses on mortgages that went bad after the housing bubble burst.
The companies have since been trying to force lenders to buy back mortgages that failed to meet certain underwriting requirements.
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