"Recent accounts of deficiencies in foreclosure documentation by two large mortgage servicers raise concerns for homeowners and mortgage investors alike. FHFA, as conservator for Fannie Mae and Freddie Mac, supports efforts by the Enterprises to remind servicers and other parties engaged in processing foreclosures to do so in accordance with their seller-servicer agreements and applicable laws and regulations. Where deficiencies have been identified, FHFA has directed the Enterprises to work collectively to develop and implement a consistent approach to address any problems. In addition, FHFA is coordinating with appropriate regulators on this issue.
Our goal is to assure the integrity of the foreclosure process and to see that any corrections in processes be tailored to the problem, protecting the rights of borrowers and investors without causing any undue disruption to the mortgage markets."
Attachment: FHFA Servicer Foreclosure Letter to Fannie Mae and Freddie Mac
Attachments: Servicer Foreclosure Letter – October 1, 2010
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.
Contacts:
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030