When we broke the news late last week that MetLife was the winning bidder on the $23 billion AmTrust servicing portfolio, we forgot to mention one interesting fact: that the buyer will not have to worry about loan buyback exposure from Fannie Mae and Freddie Mac. The Federal Deposit Insurance Corp. waived the 'reps and warranties' on the sale and will deal with the GSEs directly in the event of any defaults — or so we were told by industry officials familiar with the transaction. The government and MetLife both declined to comment. The delinquencies on the package are said to be very low. Roughly nine bidders were involved in the last round…
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