BofA shares jump on $3bn Fannie and Freddie payment

January 07, 2011 12:00 am

Freddie Mac and Fannie Mae’s demands for Bank of America to repurchase mortgages were resolved on Monday, after the bank paid $2.8bn to the government-sponsored enterprises. Equity investors and rating agencies have seen the payments as positive, partly because Bank of America had allocated $4.4bn for costs related to putbacks in its third quarter results.

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