FHFA Says Fannie, Freddie Still Take On Risky Mortgages
By Erica Teichert (February 6, 2014, 7:06 PM EST) -- Fannie Mae and Freddie Mac have continued to spend billions of dollars on questionable mortgage loans despite alerts to potential issues with their appraisals, the Federal Housing Finance Agency's Office of Inspector General said Thursday.
According to a new report, the mortgage giants ignored warnings from its data portal about underwriting violations, missing property values or unverified appraiser's licenses on over $107 billion in mortgage loans that they purchased between June 2012 and September 2013. The FHFA watchdog issued the report as part of its analysis on how Freddie and Fannie are using appraisal data years after the housing crisis....
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