Alt A kicking in.... Will BofA Feel Fannie's Pain?

After completing its purchase of Countrywide Financial Corp. on June 30, Bank of America now services roughly 28 percent of Fannie Mae’s single-family mortgage credit book of business, meaning the GSE new-found commitment to due diligence and loan-level forensics may end up pushing a good number of defaulted Alt-A loans into BofA’s proverbial lap.