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Released: October 04, 2011
Fannie Mae knew early of foreclosure abuses
Source: Gretchen Morgenson, N.Y.Times (Free Registration)
Fannie Mae the mortgage finance giant, learned as early as 2003 of extensive foreclosure abuses among the law firms it had hired to remove troubled borrowers from their homes. But the company did little to correct the firms’ practices, according to a report issued Tuesday.
Only after news reports in mid-2010 began to describe the dubious practices, like the routine filing of false pleadings in bankruptcy courts, did Fannie Mae’s overseer start to scrutinize the conduct. The report was critical of that overseer, the Federal Housing Finance Agency, and was prepared by the agency’s inspector general.
Read Full Article: Fannie Mae knew early of foreclosure abuses
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