Fannie Mae is in talks with the Federal Deposit Insurance Corp and IndyMac Bank to force the failed lender to buy back certain mortgages.
The discussions involve IndyMac loans sold to Fannie Mae and currently serviced by the bank, according to an e-mailed statement yesterday from the Washington-based mortgage-finance giant now under federal control.
U.S. regulators seized California-based IndyMac in July after overdue mortgages left it short on cash, triggering a run on deposits.
'We are awaiting information from the FDIC with regard to servicing valuations and confirmation of the identity and eligibility of the proposed buyers in order to finalize an agreement,' Brian Faith, a Fannie Mae spokesman, said in the statement. Fannie Mae also is working with the FDIC to resolve issues related to mortgages purchased after the FDIC took control, Faith said.