Fannie Mae Audit Finds BofA Wasn’t Overpaid for Servicing Rights

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Fannie Mae didn’t give Bank of America Corp. special consideration in agreeing to pay more than $500 million to transfer servicing of 384,000 mortgages to firms more likely to prevent foreclosures, a U.S. auditor said.

Still, the taxpayer-owned company paid more than legally required to Bank of America and 12 other lenders when it spent $1.5 billion for servicing rights on 1.1 million loans from 2008 to 2011, the Federal Housing Finance Agency’s inspector general said in a report released today.