Mortgage settlement was hasty, agency says

WASHINGTON – Sept. 27, 2011 – Government regulators may have cost taxpayers billions of dollars by settling mortgage-related claims with Bank of America before addressing questions about the methods used to evaluate the loans involved, according to a government report due out Tuesday.

Senior managers at the Federal Housing Finance Agency (FHFA), the independent agency that oversees government-sponsored mortgage giants Fannie Mae and Freddie Mac, failed to act in a timely way to “significant concerns” about the process Freddie Mac employed to determine which faulty loans it wanted Bank of America to buy back, the agency’s inspector general found.

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