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Volume 2014 - Number 7

February 20, 2014

FHFA’s Inspector General Wants Fannie and Freddie To Be More Aggressive in Assessing Buyback Late Fees

The Federal Housing Finance Agency’s lax attention to Fannie Mae’s and Freddie Mac’s handling of aged repurchase demands has resulted in uncollected late fees charged to lenders, according to a new audit by the agency’s Inspector General. The FHFA issued a “contract harmonization directive” in January 2012 calling for the two government-sponsored enterprises to develop “consistent timelines and collection standards for fees and penalties and additional types of penalties and remedies.” During contract harmonization discussions, the report noted...

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