Bank of America in $10 billion-plus mortgage settlement

Created: Monday, January 7, 2013 10:00 a.m. CDT

CHARLOTTE, N.C. (AP) — Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown.

Under the deal announced Monday, the bank will pay $3.6 billion to Fannie Mae and buy back $6.75 billion in loans that the North Carolina-based bank and its Countrywide banking unit sold to the government agency from Jan. 1, 2000 through Dec. 31, 2008. That includes about 30,000 loans.

Its shares briefly edged up 9 cents to $12.20 in morning trading, its highest level since May 2011.

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