Discussion in 'General Real Estate and Real Estate Finance' started by Mike Kennedy, Apr 23, 2012.
Wonder if BAC is going to stop doing business with Freddie as well as Fannie. Will be interesting to learn what kind of reserves are set aside for the buy-backs, mostly "attributed" to Countrywide acquisition, which is only part of the story.
Countrywide was Fannie's biggest client and biggest problem. Prior to going into government oversight, there were no repurchases of Countrywide loans, per policy. Now all those chickens that BofA did not know about before it's purchase of Countrywide are coming home to roost.
Comments from BOA at the time they bought CW
Read more: http://www.time.com/time/magazine/article/0,9171,1704679,00.html#ixzz1t3XGOZBf
They didn't bother to ask people who actually knew what was going on inside Countrywide but were outside of Countrywide.