Dechert and Wachtell Lipton Rosen & Katz have taken advisory roles on Bank of America’s (BoA) $11.6bn (£7.2bn) settlement with US Government mortgage agency Fannie Mae to resolve mortgage purchase claims related to residential home loans.
The settlement, which comes after the Manhattan US Attorney sued BoA last October for selling toxic loans, will see BoA make payments of $3.6bn (£2.2bn) and repurchase 30,000 loans for $6.75bn (£4.2bn), as well as paying $1.3bn (£808m) to Fannie Mae to resolve loan servicing fee obligations.
