In part of a new agreement, Bank of America has to pay Fannie Mae $11 billion dollars in a dispute over "bad mortgages."
“This is part of a broader consolidation of banks and that is something that we should all be very, very concerned about,” said Ira Rheingold, executive director of the National Association of Consumer Advocates. “Anything that leads to less competition can only be bad for consumers."
In other news, Wells Fargo made 30% of all new mortgages in the first nine months of 2012.
