Of those, about 400,000 may be entitled to payments, advocates estimate. For Bank of America, its own settlement with Fannie Mae over the mortgage investments represents a "a significant step" in resolving the bank's remaining mortgage problems while also streamlining the company and reducing future expenses, Bank of America CEO Brian Moynihan said in a statement. Moynihan's predecessor, Ken Lewis, bought Countrywide, a troubled mortgage-lending giant, in July 2008 just as the financial crisis was taking hold. The bank's acquisition of Countrywide was initially praised by lawmakers. Bank of America was seen as stepping in to eliminate a bad actor from the mortgage market. But instead of boosting Bank of America's mortgage business, the purchase has drawn a drumbeat of regulatory fines, lawsuits and losses. Bank of America also agreed in September to pay $2.43 billion to settle a class-action lawsuit related to its takeover of Merrill Lynch, another of Lewis's acquisitions during the financial crisis.