WASHINGTON — Fannie Mae and Freddie Mac lack consistent policies on charging late fees on outstanding loan repurchase requests, creating an uneven playing field in the mortgage market, according to an inspector general report released Wednesday.

Despite mounting repurchase requests after 2007, Freddie did not start charging late fees until late 2010 and even then, only applied them to Bank of America, which had approximately $1.5 billion in outstanding repurchase requests at the time.

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