A report issued this week by the Federal Housing Finance Agency Office of Inspector General found preventable flaws in the FHFA’s oversight and approval of a $1.35 billion settlement between Bank of America and Freddie Mac in December 2010 which resolved most past, present and future repurchase demands on 787,000 loans.Fannie Mae made its own similar repurchase settlement with BofA for $1.52 billion that same month.The FHFA-OIG evaluation found the agreement was based on Freddie’s flawed review process and that a “lack of independent action by FHFA senior management may have led and could lead to significant losses” by the GSE.