Fannie Mae paid BofA premium to transfer soured loans: regulator

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Fannie Mae paid BofA premium to transfer soured loans: regulator

Fannie Mae paid BofA premium to transfer soured loans: regulator

I sue you, I get billions from you, I turn around give you back a portion of the billions.

Reuters-

Fannie Mae agreed to pay Bank of America Corp about 20 percent more than it was contractually obligated to last year in order to transfer the servicing of troubled loans to another firm, a report by a watchdog found.

In a report to be issued on Tuesday, the inspector general for the Federal Housing Finance Agency urges the regulator to ensure Fannie Mae applies more scrutiny to the pricing of such transactions and possibly revise its contracts with mortgage servicers.

“FHFA should ensure that Fannie Mae does not have to pay a premium to transfer inadequately performing portfolios,” the report says, referring to the regulator of Fannie Mae and sibling Freddie Mac.

The watchdog, however, called the effort to shift troubled loans to companies more skilled at working with borrowers a “promising initiative” that could reduce loan losses for government-controlled Fannie Mae and taxpayers. It could also reduce foreclosures.

[REUTERS]

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2 Responses to “Fannie Mae paid BofA premium to transfer soured loans: regulator”

  1. Sarah says:

    Watchdog? When the phrase “protecting the taxpayers” is used, we know that this is dishonest gibberish. Taxpayers are foreclosing on taxpayers, and taxpayers have bailed out and saved Banksters. This is wealthier people with a boot on the necks of poorer people, for lack of a more eloquent description.
    However, we can play that game of elite dishonesty. Let’s “harm” the taxpayers by shutting down Fannie Mae. Then the Banks won’t be able to hide behind their co-conspirators aka watchdogs.

  2. Charles Reed says:

    Countrywide did not transfer the Notes to the Trust and in the case of Ginnie Mae the blank Notes where never in the physical possession of the documents, which was to hide the fact Ginnie Mae can never be in title as the owner of the debt as they never purchase the loans.

    Now it going to depend of whether Fannie & Freddie actually purchase the loan placed into mortgage backed securities or just had blank Notes signed without the transferring on these documents.

    Sound like a war between WH,Treasury against FHFA and we should get to the bottom as the two GSA are to be shut down, and to combat that DeMarco and boys are free to leak the real deal!

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