A Washington federal trial judge today approved a $153 million settlement between Fannie Mae and shareholders who sued the mortgage giant for securities fraud.
U.S. District Judge Richard Leon found the settlement and plan for distributing it among the more than one million class members was "fair, reasonable and adequate." The case is the largest securities class action settlement in the D.C. federal courts since modern securities litigation laws went into effect in 1996.
The order ends...
Bank of America is continuing a large-scale retreat from its costly expansion into the home mortgage market, a shift that concentrates more power in the hands of its biggest rivals and leaves fewer options for some home buyers.
The bank, which already has sharply scaled back in making mortgages, on Monday sold off about 20 percent of its loan servicing business as part of its agreement to pay the housing finance giant Fannie Mae more than $11 billion to settle a bitter dispute over bad mortgages.
The...
