Bank of America has reportedly sold its servicing rights to 400,000 of its home loans to Fannie Mae for a $500 million, according to a recent Wall Street Journal report. The principal balance remaining on the loans is reported at $73 billion. The move comes shortly after Bank of America CEO Brian Moynihan indicated during a CNBC interview that the sale was pending. The deal begins with the first batch of 100,000 loans to be transferred starting in September.
While Fannie Mae does not usually provide loan servicing functions, they do facilitate transfers of mortgage pools between servicers. A Bank of America spokesperson indicated that the bank would be selling additional mortgage servicing rights over the next year, so look for future additional news in this regard.
Hopefully by handing their reins off to different servicers, the mortgages involved in this sale will get the attention necessary to move along more smoothly. If you are facing a Florida Foreclosure Lawsuit from Bank of America, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Lawyer today for a complimentary consultation to determine what foreclosure alternatives may be available in your case.
