Wachtell, Dechert Lead BofA and Fannie Mae to $11.6 Billion Mortgage Deal

, The Litigation Daily


According to Bank of America, the settlement marks the end of "substantially all" of the bank's exposure to loan buyback claims by Fannie Mae stemming from the subprime mortgage debacle. And since Fannie Mae repurchase demands account for about 44 percent of all MBS investor buyback claims against BofA, the deal goes a long way--but far from all the way--toward resolving the bank's Countrywide hangover.

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