The FHFA sued 18 different firms, including BofA, two years ago for their roles in the mortgage crisis of 2008. After Fannie Mae and Freddie Mac's failures as a result of faulty bonds and loans, Bloomberg says the two companies have received $187.5 billion in federal aid.

Bank of America has faced a litany of litigation as a result of its role in the financial crisis this year. The bank settled directly with Fannie Mae in early 2013 for nearly $12 billion, and BofA settled with financial services company MBIA in May 2013. The company also attempted to settle with investors concerning losses from the crisis, but the FDIC challenged the agreement, saying the BofA's $500 million price tage was too low.

Many of BofA's problems stem from the 2008 purchase of Countrywide Financial Corp. In ongoing litigation, government alleges that Countrywide and BofA defrauded Fannie Mae and Freddie Mac through a program called the High Speed Swim Lane, also known as Hustle. In Hustle, the government says, Countrywide systematically removed quality controls and relied more heavily on automated loans, resulting in a higher loan default rate. Former Countrywide executive Rebecca Mairone first appeared in court on Oct. 15 to dispute these claims.