An excellent analysis here:

The Government National Mortgage Association (Ginnie Mae) recently discovered that Bank of America (NYSEBAC [FREE Stock Trend Analysis]) is missing key documents relating to mortgages the bank services for it, Kate Berry reported for National Mortgage News.

Because Bank of America is missing so many documents, Ginnie Mae put a planned sale of mortgage servicing rights on hold. While Bank of America assesses the problem, Ginnie Mae has decided to take inventory more broadly, Berry reports: “…Ginnie Mae, is trying to assess the magnitude of the problem of missing documents. Ginnie now plans to send letters this month to about 10 of the largest mortgage servicers – including B of A, JPMorgan Chase and Wells Fargo – that take part in a special program to expedite servicing transfers.”

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