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News Summary: Bank of America in mortgage deal

(AP) - SETTLEMENT DAY: Bank of America reached an $11.6 billion settlement with government mortgage agency Fannie Mae to settle claims resulting from mortgage-backed investments that soured during the housing crash, bringing it a step closer to clearing up its legacy of bad home loans. The bank was also part of a separate settlement between regulators and mortgage companies over wrongful foreclosure practices.

NEARER TO NORMAL: The move takes the bank, a poster child of the financial crisis, a step closer to normal. It agreed in September to pay $2.43 billion to settle a class-action lawsuit related to its takeover of Merrill Lynch in 2008.

SMALL PROFIT: Despite racking up the charges, the bank said that it still expects fourth quarter earnings to be "modestly positive."


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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