Fannie Mae Reaches Comprehensive Resolution With Bank Of America, Yielding Positive Outcome For Taxpayers
The comprehensive resolution also includes Fannie Mae's approval of Bank of America's request to transfer the servicing rights of approximately 941,000 loans from Bank of America to specialty servicers. Fannie Mae's approval of the transfer is consistent with its strategy to leverage the enhanced loss mitigation capabilities of specialty servicers to reduce credit losses on high risk loans.
In addition to the $10.3 billion resolution and in connection with Fannie Mae's approval of the servicing transfer, Bank of America will pay Fannie Mae $1.3 billion to resolve loan servicing compensatory fee obligations.
Fannie Mae is a leading provider of mortgage credit in the United States. We guarantee and purchase loans so that families can buy homes, refinance their existing mortgages, or access affordable rental housing. Fannie Mae is focused on assisting homeowners in distress, stabilizing neighborhoods, and encouraging sustainable lending. We are committed to improving our financial condition and our priorities are aligned with the public interest. Our work supports the housing recovery today and is helping to build a better housing finance system for the future.
Follow us on Twitter: http://twitter.com/FannieMae.
SOURCE Fannie Mae
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