Bank of America to pay $404 million to Freddie Mac to settle mortgage dispute

CNBC reports:

Bank of America said it settled all claims with Freddie Mac arising from residential mortgages sold to the government-backed housing agency through the end of 2009.

BofA will pay $404 million to settle claims related to loans sold to Freddie Mac from January 1, 2000 to December 31, 2009, and to compensate for certain past losses and potential future losses relating to denials, rescissions, and cancellations of mortgage insurance.

No word yet from Rahm Emanuel on this story.