Bank of America Breaks With Fannie Mae

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Bank of America Breaks With Fannie Mae

Bank of America Breaks With Fannie Mae

Yeah, I think they finally figured out the loans are all no good. BofA will soon be DOA.

NYT-

Bank of America said Thursday that it would no longer sell new mortgages to Fannie Mae, underscoring tensions in a fight between giants of the home loan market over billions in losses in the housing bubble.

The latest move represents a major escalation in a protracted legal battle over how many defaulted mortgages Bank of America will have to buy back from Fannie because the original loans had not conformed to proper underwriting standards, market experts said.

“In mortgage circles, it’s pretty big,” said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication. “It would be fairly extreme for a small or midsized lender to do this, but for a major lender, it’s very extreme.”

[NEW YORK TIMES]

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