Regulator defends Bank of America deal with Fannie Mae

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Regulator defends Bank of America deal with Fannie Mae

Regulator defends Bank of America deal with Fannie Mae

DeMarco said Fannie Mae will not service the loans itself, instead transferring the loans to an undisclosed third party.

Kansas City-

Bank of America Corp.’s sale of mortgage servicing rights to Fannie Mae, a transaction that spurred a congressional inquiry last week, “made sense for both companies,” the regulator of the government-controlled mortgage giant told reporters Monday.

“We are certainly concerned about ensuring that these higher-risk mortgages are adequately and appropriately serviced, and this was an arrangement that helped to realize that goal,” Edward DeMarco, acting director of the Federal Housing Finance Agency, said after remarks at a mortgage conference sponsored by the N.C. Bankers Association.

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