Home > Uncategorized > GSEs Remain Backdoor Bailouts for Banks | The Big Picture

GSEs Remain Backdoor Bailouts for Banks | The Big Picture

September 19, 2012 Leave a comment Go to comments

“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.”

via GSEs Remain Backdoor Bailouts for Banks | The Big Picture.

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