So Fannie Mae Was A Victim? Our Fannie

[Geee]

Investors Business Daily:

Subprime Scandal: Poor Fannie Mae. The mortgage giant was conned into buying shoddy loans from Countrywide and deserves a refund. At least that's the story the Obama administration's telling.

The narrative is false. But when the federal government pushes it, under threat of prosecution, it's a powerful one.

Instead of fighting, Bank of America, the nation's biggest post-crisis pinata, decided to roll with the punches — again. After already agreeing to settle a trumped-up lending bias lawsuit and forking over billions to settle a $25 billion "foreclosure-abuse" case, BofA will now cough up $10 billion more to end a Justice Department suit alleging its Countrywide unit defrauded Fannie.

The Charlotte, N.C.-based bank earlier this week agreed to pay the government-backed agency $3.6 billion in penalties and buy back $6.75 billion in loans its mortgage unit sold to Fannie between 2000 and 2008.

The government claims Countrywide stuck the failed agency with some 30,000 subprime and other risky loans that soured in the housing bust.