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Bank of America's Backdoor BailoutBy Dan FreedTheStreet Aug. 11, 2011 |
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 NEW YORK (TheStreet) -- The official bailout of the financial system may be over, but the government is apparently far from finished propping up big banks, as evidenced by the news that Bank of America(BAC) has struck a deal to dump a bunch of near-worthless home loans on U.S. taxpayers. According to a report in The Wall Street Journal Bank of America has sold the rights to process and collect payments on 400,000 home loans to Fannie Mae(FNMA.OB), the government-controlled mortgage giant. The loans have an unpaid principal balance of $73 billion, but are being sold for $500 million, according to the report. Doesn't sound like a bad deal for the government, unless that $500 million price tag will soon be too steep, which is what "a person familiar with the deal," told the Journal. Read More 
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