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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Federal Home Loan Mortgage Corporation (QB) | USOTC:FMCC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.72% | 1.37 | 1.37 | 1.38 | 1.395 | 1.37 | 1.38 | 701,217 | 17:54:38 |
By Christina Rexrode
Bank of America Corp. said Wednesday that it settled mortgage-backed securities claims with the monoline insurer Financial Guaranty Insurance Co., or FGIC. The bank said it had settled seven of the nine trust settlements and expected to pay a total of about $950 million. The bank also said that the expenses were covered by legal reserves.
Legal expenses pushed Bank of America to a first-quarter loss. The bank said it had a $6 billion litigation expense for the quarter, up from $2.2 billion in the same period a year ago.
Of that, about $3.6 billion was related to the bank's settlement last month with the Federal Housing Finance Agency, where the bank agreed to pay some $9.5 billion to settle accusations that it had misled Fannie Mae and Freddie Mac about the quality of mortgage-backed securities it was selling. The bank had previously estimated that the FHFA settlement would cut earnings by about $3.7 billion before taxes.
The bank has now settled with four of the five monoline insurers that had sued the bank over mortgage-backed securities.
Write to Christina Rexrode at christina.rexrode@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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