Fannie Drops Trust Account Requirement for Servicers in Wake of New FDIC Interim Rule
October 16, 2008
Fannie Mae this week was scrambling to unwind hundreds of trust accounts it required mortgages servicers to establish in recent months to address company concerns about the deteriorating financial condition of many banks. The move came as the Federal Deposit Insurance Corp. late last week issued an interim rule that safeguards principal and interest funds held by FDIC-insured...