Bank of America settles with Fannie/Freddie regulator for $9.3B

CNBC reports:

The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, announced Wednesday afternoon a settlement with Bank of America for about $9.33 billion. The deal will end litigation over the bad mortgages issued leading up to the financial crisis.

The settlement is "an important step in helping restore stability to our broader mortgage market and moving to bring back the role of private firms in providing mortgage credit," said FHFA Director Melvin Watt, in a statement.

No word yet on this story from strongman Rahm Emanuel of Freddie Mac fame.