When Will Fannie Come Clean on its MSR Business?

About two months ago Fannie Mae bought roughly $70 billion of mortgage servicing rights from Bank of America – but has yet to confirm that the transaction ever took place. (B of A won't either.) The only thing that Fannie's chief spokesperson would tell us is that the GSE is not in the business of servicing loans, which is sort of like saying, “Yes, I smoke pot, but I don't inhale.” Let's face it: Fannie is in the MSR business, but instead of doing the monthly processing chores itself, it uses subservicers like Green Tree. (A few years back the GSE tried to buy Litton Loan Servicing.) Why can't this government owned company admit that it's competing in a business where mostly private sector firms play? Is it afraid that GOP members of Congress might notice and raise a stink? Or is the GOP looking for banner headlines that are easier for the public to comprehend like million-dollar bonus money for Fannie executives?