And if these now Nationalized banks don't happen to have $2.7 billion dollars lying around?
IMO its larger than $2.7B since Fannie and Freddie back 90% of the loans in the US. Most loans are sold shortly after closing. The problem they are having is in the transfer of the loan from the originator to the investment company. They transferred ownership electronically and not the actual paper. From what I've read and seen I'd wager a significant portion of those loans are legally un-collectable.