Daily Market Update 1/7/13

Rates held steady Monday in quiet trading.  No key economic data will be released today.  In other mortgage-related news, Bank of America agreed to pay Fannie Mae $3.6 billion to settle home loan repurchase claims and $6.75 billion to repurchase delinquent mortgages with questionable documentation created by Countrywide Home Loans prior to 2008.  Separately, B of A agreed to sell servicing rights on $306 billion in home loans to other servicers.