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US banks agree to pay $8.5 billion to clean up mortgage mess

...Regulators announced the deal on the same day that Bank of America agreed to pay $11.6 billion to government-backed mortgage financier Fannie Mae to settle claims related to mortgages that soured during the housing crash.The agreements come as...
How Fed cut will affect mortgages was expecting the Fed to cut rates," says David Berson, chief economist for Fannie Mae, the No. 1 U.S. mortgage financier. "All this does is help validate the drop in mortgage rates already." The market rate for a 30-year fixed-rate...