Jumat, 01 April 2011
Foreclosure Problems
Fannie Mae was warned in an internal 2006 report of abuse providers and how law firms handle foreclosures, The Wall Street Journal reported Thursday.
Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) have been under investigation since September 2008 for his role in the mortgage crisis.
The 2006 report said that the foreclosure attorneys in Florida had "periodically" false statements to court in an effort to make more rapid process of foreclosure, The Wall Street Journal.
The report said Fannie Mae officials "believe foreclosure attorney are sacrificing accuracy for speed, but not the name of any company, the Journal said.
The internal document also raises questions about whether some mortgage servicers or other entity that had legal standing to foreclose, the newspaper said.
The Fannie Mae report found no evidence that borrowers are improperly placed in foreclosure, The Wall Street Journal.
"Fannie Mae took steps to solve the specific problems identified by the report of 2006 and periodically evaluate and improve the monitoring of its network of retained counsel," said a spokesman for the company controlled by the government daily.
The U.S. Treasury seized control of Freddie Mac and Fannie Mae to the height of the financial crisis in September 2008, losses mounted from mortgages gone bad.
Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) have been under investigation since September 2008 for his role in the mortgage crisis.
The 2006 report said that the foreclosure attorneys in Florida had "periodically" false statements to court in an effort to make more rapid process of foreclosure, The Wall Street Journal.
The report said Fannie Mae officials "believe foreclosure attorney are sacrificing accuracy for speed, but not the name of any company, the Journal said.
The internal document also raises questions about whether some mortgage servicers or other entity that had legal standing to foreclose, the newspaper said.
The Fannie Mae report found no evidence that borrowers are improperly placed in foreclosure, The Wall Street Journal.
"Fannie Mae took steps to solve the specific problems identified by the report of 2006 and periodically evaluate and improve the monitoring of its network of retained counsel," said a spokesman for the company controlled by the government daily.
The U.S. Treasury seized control of Freddie Mac and Fannie Mae to the height of the financial crisis in September 2008, losses mounted from mortgages gone bad.
Label:
Real Estate