Bank of America to stop selling new home loans to Fannie Mae

Bank of America, the second-largest U.S. lender by assets, will stop selling new home loans to Fannie Mae after a dispute about defective mortgages.

Starting this month, the Charlotte-based bank will only loan modifications and refinancings to supply the U.S. government controlled Fannie Mae, the bank said Thursday in its annual filing with the securities regulators.
Chief executive Brian T. Moynihan is cutting costs and jobs to revive profitability, while warding off legal disputes related to defective home mortgages, Fannie Mae is one of the largest plaintiffs. The bank in 2008 acquisition of Countrywide Financial, the largest lender was at home during the U.S. housing bubble, left Bank of America responsible for shoddy loans that have contributed to about $ 42 billion in costs.

"This decision will not affect credit available to our customers, and we will rely on other sources of liquidity to continue to ensure that we credit to our customers and support the housing recovery," said Jerry Dubrowski, a spokesman for the bank, in an e-mailed statement. "We remain focused on supporting our clients with loan modifications and refinance through the Making Home Affordable program."

The bank will sell new loans to Freddie Mac, the other US-controlled mortgage finance company, or retained on the balance sheet, said a person with direct knowledge of the plans of the lender.

Dubrowski said the decision will have no material impact on its activities. The bank has the past practices of Countrywide, ended, a significant relationship with the Fannie Mae had, "he said.

Concern about the mounting costs of faulty home loans weighed on the shares of the bank last year. After placing the worst performance in the Dow Jones Industrial Average for 2011, Bank of America lead the 30-company benchmark this year with a 40% profit.

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