Fannie and BOA: Playing the Game of Hearts….

hearts game

 

 

 

I just finished reading an article about the recent agreement between Fannie Mae and BOA. BOA has agreed to pay FAnnie MAe $3 Billion in Compenatory Fee obligations, will repurchas 30,000 loans from Fannie and sell their servicing rights of 2 Million Mortgages.

As I read this article it reminded me of a Game of Hearts. In a game of hearts you pass 3 cards to the person next to you. Usually these are the worst cards in your hand because the objective of the game is to end up with “no hearts” or all of the “hearts” which is called “Shooting the Moon”. Shooting the Moon includes getting all hearts plus the Queen of Spades which is called ” the Bich” in the game.

Now back to Fannie and BOA. Fannie has just passed BOA its worst cards the “ACE” and “King” of Hearts and the “Queen” of Spades (Bitch) cards to BOA. Now it is up to BOA to decide how to play the game. Do they try to win by not getting any Hearts or do they get them all by “Shooting the Moon”.

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