Calif. AG Urges Delay of Fannie, Freddie Foreclosures

Law360, New York (February 27, 2012, 6:11 PM EST) -- California's attorney general on Friday urged the federal agency overseeing mortgage companies Fannie Mae and Freddie Mac to suspend foreclosure sales on loans issued to California homeowners, until it determines whether principal reduction is a better alternative for homeowners and taxpayers.

In a letter addressed to Edward DeMarco, acting director of the Federal Housing Finance Agency, California Attorney General Kamala Harris asked that the agency suspend foreclosure sales of loans owned or guaranteed by Fannie Mae or Freddie Mac. The two companies own or guarantee over...
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