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Volume 2014 - Number 37

October 2, 2014

FHFA Disagrees With IG Call for Third-Party Reviews of Lender Compliance With Guidelines

The Federal Housing Finance Agency is not on board with its Inspector General’s recommendation that the agency direct Fannie Mae and Freddie Mac to assess the cost and benefit of requiring lenders to get independent, third-party confirmation of their compliance with government-sponsored enterprise origination and servicing guidance. The IG audit noted that the Securities and Exchange Commission and the Department of Housing and Urban Development, as well as private MBS investors in the secondary mortgage market, already require annual, independent assurance of counterparty compliance. “The annual assertions and audits have helped...

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