OFHEO Revamps Fraud Guidance For Lenders

Law360, New York (January 11, 2008, 12:00 AM EST) -- As part of an effort to crack down on mortgage fraud, the Office of Federal Housing Oversight has issued a new set of guidelines for the anti-fraud programs of government-sponsored lenders Freddie Mac and Fannie Mae.

The policy guidance, made public on Jan. 10, “details the standards for overseeing and evaluating policies and programs the enterprises have developed to minimize mortgage fraud,” according to the OFHEO.

“Mortgage fraud can pose tremendous risks for consumers,” said OFHEO Director James B. Lockhart. “This guidance reflects the ongoing work...
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