The Atlantic: Why Bank of America Must Be Thrilled to Pay a $3 Billion Penalty. Via @TheAtlantic #tcot #fraudstersSome people who aren't familiar with the mortgage market might have gasped as they read the news that Bank of America would pay $3 billion to government-sponsored mortgage companies Fannie Mae and Freddie Mac. After all, $3 billion sounds like a lot of money. "Maybe BOA is finally getting what it deserves," some naive bank-haters might have exclaimed. In fact, paying this sum is an incredible win for the bank. The penalty is so small that it's effectively insignificant. A Drop in the Bucket http://bit.ly/dV0zrR http://bit.ly/i0tsNt Tweet