GSEs knew of foreclosure attorney abuses in 2003: FHFA-OIG

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"FHFA-OIG believes that there were multiple indicators of foreclosure abuse risk prior to 2010 that could have led FHFA to identify and act earlier on the issue," the IG’s report states. The IG’s investigation found there had been several warning signs that, if they had been observed, would have allowed the agency to identify risk well before.

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In this case, Fannie Mae was found to have known about foreclosure fraud, including serial fabrications of foreclosure documents and robo-signing, as far back as 2003.

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Last month, a report from the FHFA’s Office of the Inspector General (OIG) faulted the GSEs’ conservator for not earlier identifying abuses within Fannie Mae’s Retained Attorney Network. According to the report, Fannie Mae was alerted to foreclosure abuse allegations as early as 2003, prompting the company to hire an outside law firm to.

FHFA-OIG could not establish whether Fannie Mae complied with its obligation to notify OFHEO of the 2006 report of foreclosure abuses. fannie mae officials claim that they informed an OFHEO senior official of the report during a telephone conversation in 2006, but they have no record of the communication.

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A Fannie Mae shareholder sounded the alarm on foreclosure abuses at law firms handling foreclosures for the government-sponsored enterprises back in 2003, but it took regulators seven years to.

FHFA-OIG could not establish whether Fannie Mae complied with its obligation to notify OFHEO of the 2006 report of foreclosure abuses. Fannie mae officials claim that they informed an OFHEO senior official of the report during a telephone conversation in 2006, but they have no record of the communication.