Fannie Didn't Overpay In $512M BofA Mortgage Deal: FHFA

Law360, New York (September 18, 2012, 2:26 PM EDT) -- Fannie Mae had no choice but to pay Bank of America Corp. $512 million to purchase the mortgage servicing rights on hundreds of thousands of homes in order for a foreclosure prevention program to succeed, a report released Tuesday by an internal watchdog said.

In its report, the Federal Housing Finance Agency's office of the inspector general said that Fannie Mae needed to pay an inflated premium to Bank of America in the 2011 transaction in order to get those mortgages into its High Touch Servicing...
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