ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 09/02/2011
Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 09/02/2011 list has been posted.
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In the complaints, the Federal Housing Finance Agency contends the institutions misrepresented the quality of the investments’ underlying loans.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
“Based on our review, FHFA alleges that the loans had different and more risky characteristics than the descriptions contained in the marketing and sales materials provided to the enterprises for those securities,” the agency said in a press release.
Fannie Mae and Freddie Mac, which were taken into conservatorship by the federal government during the 2008 financial crisis, are the largest sources of funding for the U.S. housing market.
They buy mortgages from lenders and either hold them on their books or bundle them into securities. The companies also have bought mortgage-backed securities issued by other institutions.
The agency, which says it is charged with protecting the mortgage finance companies’ assets on behalf of taxpayers, is seeking damages and penalties.