GSEs Investigate Real Estate, Lending Irregularities in PA
August 27, 2001
Fannie Mae and Freddie Mac investigators are combing through hundreds of mortgage documents and appraisals in connection with alleged real estate fraud and lending improprieties uncovered in the Pocono mountains in eastern Pennsylvania. The alleged irregularities surfaced in April during a local newspaper’s probe of rising home foreclosures in Monroe County in the Poconos. Since then, hundreds of mostly lower-income and minority first-time homebuyers have come forward claiming they were defrauded.