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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  July 13, 2010  |   FHA Looking for Deceptive Lenders
The Federal Housing Finance Agency is investigating lenders who sold losing securities to Fannie Mae and Freddie Mac.

The agency has issued 64 subpoenas for loan files and other documents in order to determine whether sellers of the securities made false statements or left out key information. The FHFA said in a statement that it is “prepared to take appropriate action to ensure compliance, if necessary.”

So far, Fannie and Freddie have lost $145 billion in tax-payer dollars shoring up shaky mortgages.

Source: Associated Press, Alan Zibel (07/12/2010)

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