Bank of America (BAC) settles for about $10.3B with Fannie Mae over repurchase claims on $1.4T...

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Richard_Davet Comments (12)
 
As mortgagee, how does FNMA protect against borrower claims for breach of mortgage mortgage contract?
7 Jan, 08:54 AM Reply Like

Tom Armistead Comments (4565)
 
This could be why MBIA was up so much last week. Leak of a big settlement pending, except FNMA got the money, rather than MBI. Studious types studying BAC's reserves may get an idea of how much the bank thinks the claims are worth.
7 Jan, 09:06 AM Reply Like

geodan85 Comments (131)
 
BAC now can sell the $6.75bil mortgages they bought from FannieMae to the Fed. I would not be surprised if other money center banks did similar purchases with the federal agencies, since $40.0bil a month is still being bought by the Fed.
7 Jan, 09:13 AM Reply Like

MichaelZZ Comments (190)
 
My guess is that the Fed is not buying toxic assets and if they were, they would not be purchased at face value.

mz
7 Jan, 10:39 AM Reply Like

fnpmitchreturns Comments (26)
 
I wonder if the monetization of corporate debt onto the public will ever end? Is this the kind of cancer that will destroy the system, re-hypothecally, of course? Please note sarcasm will be added to the bottom line.
7 Jan, 11:01 AM Reply Like

rgperrin Comments (379)
 
Sounds like another "legal" shakedown by the federal government.
7 Jan, 12:41 PM Reply Like

MichaelZZ Comments (190)
 
Our problems have been created by Congress.

mz
7 Jan, 01:04 PM Reply Like