FHFA Tells Fannie, Freddie To End Atty Networks

Law360, New York (October 18, 2011, 9:47 PM EDT) -- The Federal Housing Finance Agency announced Tuesday that it was directing Fannie Mae and Freddie Mac to stop using current foreclosure attorney networks that were caught up in a controversy over incomplete or phony paperwork used in foreclosures.

In its statement, the FHFA said it is directing the mortgage giants to implement a system by which mortgage servicers may select their own law firms that "meet certain minimum, uniform criteria."

The switch comes two weeks after the FHFA's inspector general released a report saying Fannie Mae...
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