If the Fed Lowers rates again ....

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#1 (permalink)

08-23-2007, 09:06 AM

4RE KLR

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Join Date: Feb 2000

Location: Neverland, TX

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Posts: 7,460

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Being a 15 year banker,(not any longer) I can tell you there is no commission. We borrow money on an overnight bank rate. It is a fee, not a commission. However I'll bet on $2B. It is a nice fee.

I am sure BofA has already cashed out of the deal. I would not be surprised if they did it to save their own butts as a major investor in mortgage investment from Countrywide.

When I was in the banking business I would buy $Million dollar blocks of FNMA mortgages and sell them a week later. It happens everyday folks.

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