Landmark BofA Settlement With Fannie Erases Vast Swath Of Industry Buybacks, But GSEs Keep Coming for More
May 16, 2013
Fannie Mae and Bank of America resolved a huge portion of the whopping $19.04 billion in disputed buyback requests facing the mortgage industry at the beginning of 2013, but both government-sponsored enterprises will remain aggressive in hunting for repurchase opportunities. In fact, new repurchase requests increased by a whopping 87.8 percent in the first three months of this year compared to the fourth quarter of 2012, reaching a record $12.14 billion, according to an analysis of GSE quarterly reports by Inside Mortgage Finance. The biggest increase was at Fannie Mae, where new buyback requests soared to $9.91 billion, while Freddie Mac reported a more modest 5.2 percent increase. The jump in new buyback demands occurred...[Includes one data chart]