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Thread: BofA Halts Routing New Mortgages to Fannie Mae

  1. #1
    Jeezy's Avatar
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    May 2011
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    10-14-15 @ 01:15 AM

    BofA Halts Routing New Mortgages to Fannie Mae

    BofA Halts Routing New Mortgages to Fannie Mae - Bloomberg

    Bank of America Corp., the second- largest U.S. lender by assets, will stop selling new home loans to Fannie Mae after a dispute over faulty mortgages.
    Starting this month, the Charlotte, North Carolina-based company will deliver only loan modifications and refinancings to U.S. government-controlled Fannie Mae, the bank said today in its annual filing with securities regulators.
    I guess repurchasing all of the mortgage-backed loans whose insurance was withdrawn was the bridge too far...especially with Fannie Mae claiming that they were "always" contractually obligated to do so a few months back. Now they're having a standoff as to who will keep all of that garbage on their balance sheet. BofA is in far too delicate a shape to do this...but I'm surprised they couldn't finagle some kind of deal.

    Or maybe they did?
    Last edited by Jeezy; 02-23-12 at 10:19 PM.
    Quote Originally Posted by Josie
    Thanks for your awesomeness, Jeezy.

  2. #2
    Join Date
    Jun 2011
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    03-16-12 @ 09:02 PM

    Re: BofA Halts Routing New Mortgages to Fannie Mae

    Big deal. They are going to start selling more to Freddie Mac. I thought we were winding F&F down?

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