New Fannie Mae CEO will stay out of BofA spat

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Inman Connect San Francisco, Jul 16-20, 2018

Fannie Mae's new CEO will reportedly recuse himself from decisions involving the mortgage giant's dispute with Bank of America over billions in loan repurchase requests.Timothy Mayopoulos will take over as Fannie Mae CEO on June 18, three years after joining the company's management team. Before joining Fannie Mae, Mayopoulos was executive vice president and general counsel of Bank of America Corp.According to its most recent quarterly report to investors, Fannie Mae had $7 billion in outstanding repurchase requests with Bank of America as of March 31, including more than $3 billion in requests which were overdue by 120 days or more.Bank of America was the recipient of the lion's share of $12.1 billion in total Fannie Mae repurchase requests, followed by JPMorgan Chase Bank ($1.2 billion), CitiMortgage ($955 million), Wells Fargo Bank ($797 million) and SunTrust Bank Inc. ($380 million).Lenders must typically repurchase loans on foreclosed properties, or reimburse Fannie Mae for losses...