(CHARLOTTE)-- Bank of America has reached an agreement to resolve repurchase claims involving some residential mortgage loans sold to Freddie Mac and Fannie Mae. The agreements associated with about 12,045 legacy Countrywide loans.

The Charlotte-based bank expects to take a provision of approximately $3 billion in the fourth quarter of 2010 related to repurchase obligations for residential mortgage loans sold by Bank of America affiliates directly to Freddie Mac and Fannie Mae. The bank will also take an approximately $2 billion charge in its fourth quarter as it settles buyback claims on home loans sold to Fannie and Freddie.

“These actions resolve substantial legacy issues in the best interest of our shareholders,” said Bank of America President and Chief Executive Officer Brian Moynihan. “Our goals remain the same: put these issues behind us; focus on serving customers and clients; and continue to help distressed homeowners facing difficult times.”