WASHINGTON — A group of House Financial Services Democrats are raising questions about whether taxpayers will be fully protected under the terms of a recent settlement over poorly underwritten loans held by Fannie Mae and Freddie Mac.
In a letter to acting Federal Housing Finance Agency director Edward DeMarco, Reps. Maxine Waters, Brad Miller, Keith Ellison and Stephen Lynch asked for details surrounding the terms of a combined settlement of $3.3 billion from Bank of America Corp and Ally Financial to cover their repurchase obligations to the government-sponsored enterprises for faulty loans.
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