NY attorney general near Fannie, Freddie deal
Reuters
By Patrick Rucker
WASHINGTON (Reuters) - Mortgage firms Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) would require their mortgage lending partners to have independent appraisals of home values under a deal being thrashed out with New York's attorney general, sources familiar with a draft deal said on late Monday.
Andrew Cuomo, New York's top lawyer, began a wide-ranging investigation last spring into how Wall Street bundled and sold billions of dollars of home loans to investors and a deal with Fannie Mae and Freddie Mac would close an important line of his inquiry.
Home appraisals would have to come from assessors that do not have formal ties with a lender or mortgage broker, according to sources familiar with negotiations over a deal that could be finalized as soon as Tuesday.
Read more at Reuters.com.
By Patrick Rucker
WASHINGTON (Reuters) - Mortgage firms Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) would require their mortgage lending partners to have independent appraisals of home values under a deal being thrashed out with New York's attorney general, sources familiar with a draft deal said on late Monday.
Andrew Cuomo, New York's top lawyer, began a wide-ranging investigation last spring into how Wall Street bundled and sold billions of dollars of home loans to investors and a deal with Fannie Mae and Freddie Mac would close an important line of his inquiry.
Home appraisals would have to come from assessors that do not have formal ties with a lender or mortgage broker, according to sources familiar with negotiations over a deal that could be finalized as soon as Tuesday.
Read more at Reuters.com.
posted by Lincoln Appraisal at
9:13 AM
<< Home