Bank of America Corporation announced that it would pay $11.6 billion to settle claims on soured loans sold to mortgage finance giant Fannie Mae. The settlement covers residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000, through December 31, 2008. Under the agreements, Bank of America will pay $3.55 billion in cash to the government-controlled Federal National Mortgage Association (Fannie Mae) and repurchase for $6.75 billion some residential mortgage loans sold to Fannie Mae.