Fannie Mae 2012 Annual Report Download - page 347
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FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-113
Compensatory Fee Resolution Agreement
On January 6, 2013, we and Bank of America entered into an agreement (the “compensatory fee agreement”) to resolve
outstanding and certain future compensatory fees owed by Bank of America due to servicing delays. Bank of America made
an initial payment to us of $1.3 billion in January 2013. Subsequent to the initial payment, we and Bank of America will
complete a loan review process in 2013 as specified in the compensatory fee agreement to mutually determine the final
amount of compensatory fees owed. For the year ended December 31, 2012, we recognized income of $203 million in
“Foreclosed property (income) expense” in our consolidated statement of operations and comprehensive income (loss) as a
result of the compensatory fee agreement. Any remaining amount will be recognized in 2013 once we have completed a
sufficient portion of the loan review process to determine the final amount of income that will be received under the terms of
the agreement.