Lawmakers Probe $3.3B Loan Deal With BofA, Ally

Law360, New York (January 11, 2011, 7:17 PM EST) -- Four Democratic representatives want the Federal Housing Finance Agency to further explain how Bank of America NA and Ally Financial Inc.'s combined $3.3 billion settlement of loan disputes with Freddie Mac and Fannie Mae was in taxpayers’ best interests.

Rep. Maxine Waters, D-N.Y., and several of her colleagues on the House Financial Services Committee — Reps. Brad Miller, D-N.C.; Keith Ellison, D-Minn.; and Stephen Lynch, D-Mass. — made the request in a letter dated Friday.

The letter asked for a response no later than Jan. 24....
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