A group of House Financial Services Democrats are raising questions about whether taxpayers will be fully protected under the terms of a recent settlement over poorly underwritten loans held by Fannie Mae and Freddie Mac.

In a letter to acting Federal Housing Finance Agency (FHFA) director Edward DeMarco, Reps. Maxine Waters, Brad Miller, Keith Ellison and Stephen Lynch asked for details surrounding the terms of a combined settlement of $3.3 billion from Bank of America Corp. and Ally Financial to cover their repurchase obligations to the government-sponsored enterprises for faulty loans.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.