California Real Estate Fraud Report

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OIG to Audit Fannie Mae and Freddie Mac REO Servicing

The Office of the Inspector General for the Federal Housing Finance Agency (FHFA-OIG) has announced it is going to perform an expansive audit of Fannie Mae and Freddie Mac that targets the sale and management of REOs (Real Estate Owned, aka foreclosed properties).

The importance of such an audit cannot be overstated: the Fannie and Freddie have more than 173,000 foreclosed homes in their inventory as of the end of the first quarter of 2012. Although that is less than the 218,000 they hold the prior year, it is sufficient volume that FHFA will be making a determination as to whether the housing giants are maximizing the recovery of the properties and at the same time, minimizing the economic impact to surrounding neighbors, including, presumably, blight.

Read the original article in HousingWire. A copy of the FHFA‘s white paper can be read by clicking here.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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