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 Reaches Comprehensive Resolution With Bank Of America, Yielding Positive Outcome For Taxpayers
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