ron2609 Wrote:
Dec 22, 2012 6:17 AM
Who got the loans? The guys the Feds asked to take them and are now being brow-beaten as though they had made them--- Bank of America. On;;y after BoA took the huge hit were some loans passed back to Fannie and Freddie, although their time for recourse to the originator had long passed by several years CountryWide and others were to have written loans which conformed to the the GSEs' guidelines in order to get the paid for guarantees. These loans were to have been sampled by the GSEs to assure themselves that they in fact did meet the necessary documentation and underwriting criteria. If not they were able at that moment to put that loan back to the originator. ( and as much as 6 months later for non-performance on the part of the borrower)