FHFA: Full Scope of Foreclosure Processing Problems Still Unknown

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Federal Home Finance Agency (FHFA) Acting Director Edward J. DeMarco told the House Judiciary Committee Thursday that regulators, lawmakers, investors, and the general public want answers to the questions raised by the recent breakdown in foreclosure processes "and we want them now." Testifying in a hearing on Foreclosed Justice: Causes and Effects of the Foreclosure Crisis , DeMarco said that shortly after robo-signing and title issues were first reported, FHFA issued a four point policy framework to Freddie Mac, Fannie Mae (GSE's) and their servicers. The four points were: Verify that the foreclosure process is working properly; Remediate any deficiencies indentified in foreclosure processing; Refer suspicions of fraudulent activity; and Avoid delay in processing foreclosures in the absence...(read more)

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Source: www.mortgagenewsdaily.com