But oversight will be 'tightened' by end of next year
(NEWSER) - Mortgage officials at Fannie Mae knew eight years ago of possibly illegal foreclosures by law firms they employed—but did nothing to stop them, according to a federal report. Fannie Mae's own investigation concluded that Florida attorneys were "routinely filing false pleadings and affidavits" to improperly foreclose on properties, reports the AP . Fannie Mae began working with private attorneys in 1997 to help handle a growing number of foreclosures, evictions, and bankruptcies. By 2008 the mortgage giant was working with 140 law firms, and foreclosures more than doubled from 2007-2008 alone. More»
