Fannie, Freddie Need Mortgage Recovery Oversight, OIG Says

Law360, New York (October 17, 2012, 9:09 PM EDT) -- The Federal Housing Finance Agency's Office of Inspector General on Wednesday directed the agency to beef up its surveillance of Fannie Mae and Freddie Mac's mortgage recovery efforts and recommended better oversight of the organizations' overall deficiency management processes.

Citing the taxpayer-funded bailout that kept Fannie and Freddie, known as government-sponsored enterprises, afloat after the 2008 crisis, the OIG pressed the agency to take a larger role in the enterprises' methods for credit loss mitigation.

“Better management of these losses — focused on those debtors who...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.