BofA mortgage repurchase dispute with Fannie Mae grows to $7.9 billion in loans

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BofA mortgage repurchase dispute with Fannie Mae grows to $7.9 billion in loans

BofA mortgage repurchase dispute with Fannie Mae grows to $7.9 billion in loans

Housing Wire-

Bank of America ($7.92 0%) executives said Fannie Mae will either have to file litigation or agree to a settlement to resolve the dispute over mortgage repurchase claims.

The bank and the government-sponsored enterprise disagree over $7.9 billion in mortgages Fannie claims BofA should buy back because of faulty origination practices, up from $3.7 billion at the end of last year. The bank said it should not have to buy back the loans because borrowers made at least 25 monthly payments on them.

The claims stem from mortgages originated in 2006 and 2007, BofA Chief Financial Officer Bruce Thompson told investors Wednesday.

“We clearly have a disagreement,” Thompson said. “Either they bring an action or there would be a settlement. Those would be the two ways this would get resolved.”

Reserves for total repurchases increased slightly to $15.9 billion.

Total outstanding claims increased roughly 41% to $22.7 billion in unpaid principal balance.

[HOUSING WIRE]

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2 Responses to “BofA mortgage repurchase dispute with Fannie Mae grows to $7.9 billion in loans”

  1. dani says:

    boa the crooks at it again.the govrement shuld sue them
    and show them no mercy,the same way boa abuse homeowners
    and steal homess all over america by fraud

  2. Sarah says:

    Well this is good – however, Fannie doesn’t seem to be insisting on other Banks. I’d insist Fannie has a role in housing fraud, a very big role, but aside from what authors have written, Fannie Mae executives, contractors and so on have yet to see any form of Justice.

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