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Report: Bank of America Sold Mortgage Pool To Fannie Mae

The Wall Street Journal is reporting that Bank of America has agreed to sell a portion of its home loan portfolio to Fannie Mae. The Journal said the deal to sell a pool of 400,000 loans to the government-sponsored mortgage holder was finalized last Friday.

 

Bank Of America's Mortgage Business 'Struggling Mightily,' CEO Says

Bank of America Corp is working to improve profits by reducing its number of problem mortgages and cutting other costs, Chief Executive Brian Moynihan told shareholders on Wednesday. Moynihan, speaking at the company's annual meeting in downtown Charlotte, said the mortgage business of the largest U.S. bank by assets is "still struggling mightily" as it slowly crawls out from under the billions in soured home loans.

 

BofA negotiating with mortgage investors

Bank of America Corp has started negotiating with powerful mortgage investors that accused the bank of failing to buy back bad home loans, in an apparent shift in the lender's stance.

 

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