On December 27, 2010, Ally Financial Inc. announced that its residential mortgage unit, Residential Cap, LLC, paid $462 million to settle repurchase demands from Fannie Mae regarding mortgage-backed securities. On January 3, 2011, Bank of America also announced that it recently reached a settlement agreement with Fannie Mae and Freddie Mac., pursuant to which it paid $1.28 billion to Freddie Mac and $1.52 billion to Fannie Mae to resolve “outstanding and potential mortgage repurchase and make-whole claims” arising from any alleged breaches of representations and warranties made by Countrywide in loan sales. BoA Press Release. Ally Press Release.