Fannie Mae, Watchdog Failed To Police Attys: Report

Law360, New York (October 4, 2011, 5:36 PM EDT) -- Mortgage giant Fannie Mae and its regulator failed to adequately supervise outside attorneys processing foreclosures, despite warning signs of abuses such as robosigning as early as 2003, according to a report released Tuesday.

The Federal Housing Finance Agency should have paid attention to warning signs before 2010 of risks tied to the attorneys in Fannie Mae's Retained Attorney Network, which performed default-related services for Fannie Mae, including evictions, the FHFA inspector general's report found. The FHFA also failed to properly oversee those lawyers, and still needs...
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