LOS ANGELES — Bank of America and Ally Financial have agreed to pay a combined $3.3 billion to settle remaining demands that they repurchase soured mortgages from Fannie Mae and Freddie Mac, the giant home-loan buyers that wound up wards of the government during the financial crisis.
The claims stem from alleged misrepresentations made about borrowers’ incomes, home values and other factors when Ally, formerly known as GMAC, and Bank of America, which includes the former Countrywide Financial, sold the loans to Fannie Mae and Freddie Mac.
The two government-sponsored enterprises back most of the home loans made in the United States.
The settlements won’t directly affect consumers. The agreements in question do not cover breaches of promises made to investors about handling of mortgage customer service or the processing of foreclosures, said the Federal Housing Finance Agency, which oversees Fannie and Freddie.
For Bank of America, it’s just the latest in a series of legal settlements stemming from its acquisition of Countrywide.
