New Fannie Mae chief withdraws from BofA repurchase decisions

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New Fannie Mae chief withdraws from BofA repurchase decisions

New Fannie Mae chief withdraws from BofA repurchase decisions

Payback’s a BITCH!

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The new CEO of Fannie Mae will not be the decision maker on resolving repurchase issues between the GSE and Bank of America ($7.45 0.35%).

Fannie Mae severed some business ties with the bank late last year. The two sparred over defaulted mortgages Fannie forced BofA to buyback. The bank believed a multi-billion dollar settlement in 2010 covered recent claims, which Fannie denies.

Fannie promoted its general counsel Tim Mayopoulos to CEO on Tuesday. He was formerly the top lawyer at BofA and left shortly after the controversial merger with Merrill Lynch.

“My plan is to recuse myself with respect to matters that I had personal involvement in at Bank of America,” Mayopoulos said in an interview with HousingWire. “As CEO I will be aware of all of the major issues at Fannie Mae, and I will be working to ensure that people will be working on those issues and dealing with them appropriately, but I’m not going to be a decision maker with respect to matters that I had involvement in at Bank of America.”

[HOUSING WIRE]

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One Response to “New Fannie Mae chief withdraws from BofA repurchase decisions”

  1. Ken Hansen says:

    The conflict of interest is still as large as a Nuclear Disaster that no one seems to want to talk about. Someone could, for example, ask Mayopoulos about origination fraud or any number of relevant topics that are destroying millions of Americans dreams of stable housing.

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