Bank of America, National Association, Countrywide Home Loans, Inc., and others entered into an agreement to acquire 30,000 loans with unpaid principal balance of $6.51 billion from Federal National Mortgage Association for $6.8 billion.

Bank of America, National Association, Countrywide Home Loans, Inc., and others entered into an agreement to acquire 30,000 loans with unpaid principal balance of $6.51 billion from Federal National Mortgage Association (OTCBB:FNMA) for $6.8 billion on January 6, 2013. Bank of America also entered into an agreement with Federal National Mortgage Association to settle resolve outstanding and certain other claims relating to the origination, sale and delivery of substantially all residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000 through December 31, 2008. This payment is expected to be covered by existing reserves and an additional provision of $260 million recorded in the fourth quarter of 2012.

The transaction has been approved by the Fannie Mae Board of Directors and by The Federal Housing Finance Agency (FHFA). Merrill Lynch & Co., Inc. acted as financial advisor for Bank of America, National Association.