BofA Agrees to Buy Back Bad Loans ; Shares Jump

Bank of America (BAC), the biggest U.S. bank by assets, said it agreed to pay Fannie Mae (FNMA) and Freddie Mac (FMCC) $2.8 billion to settle claims that it sold the mortgage finance companies home loans based on faulty information. The Charlotte, NC-based bank said in a statement that it will provide a $1.28 billion [...]
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