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-Regulator says Freddie Mac to recover billions after scrutiny of soured loans.

Global Banking News-September 13, 2012--Regulator says Freddie Mac to recover billions after scrutiny of soured loans(C)2012 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 13 September 2012

According to Reuters, the inspector general for the Federal Housing Finance Agency, a US federal regulator, has said that Freddie Mac will recover billions after scrutinising soured loans it had purchased from US banks.

The organisation could recover up to USD3.4bn more from banks after closely scrutinising soured loans it bought during the housing boom. Freddie Mac agreed last year to settle with Bank of America Corp (NYSE:BAC) over bad loans the bank sold to the housing finance company.

The inspector general for the Federal Housing Finance Agency had at that time raised concerns about how Freddie Mac reviewed loans for potential buybacks by the bank. This had prompted changes to the government-controlled agency's reviewing practices.

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Publication:Global Banking News (GBN)
Date:Sep 13, 2012
Words:169
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