US banks agreed to pay out more than $20bn yesterday to settle claims arising from the mortgage crisis, with compensation for bad loans wiping out most of Bank of America’s earnings for a second successive quarter.
Five years after the financial crisis, BofA, the second-biggest US bank by assets, agreed to pay $11.6bn to Fannie Mae, the government-controlled mortgage company, to resolve a protracted legal battle over bad loans.
In a separate settlement, 10 mortgage lenders, including BofA, Wells Fargo, JPMorgan Chase and Citigroup, agreed to pay more than $8bn to settle regulators’ allegations that they were guilty of widespread abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers.
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