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Volume 14 - Number 3

February 7, 2014

FHFA-OIG: GSEs Bought Billions in Loans Despite Appraisal Red Flags

Fannie Mae and Freddie Mac – during two different periods last year – spent nearly $20 billion buying roughly 85,000 loans despite clear warnings or questions about the appraisals, according to a new audit from the Inspector General of the Federal Housing Finance Agency. As part of its report, the FHFA-OIG has made 14 recommendations to FHFA regarding the matter, calling on the regulator to ensure the GSEs make better use of appraisal information generated by a uniform collateral data portal the agency told the two to develop in 2010.

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

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