Fannie Mae and Freddie Mac need a more vigorous response to come to the aid of distressed borrowers struggling to avert foreclosure, the Federal Housing Finance Agency told Congress recently, citing a slump in mitigation activities by the GSEs late this summer. During August, the most recent data available, the GSEs reported 15,528 foreclosures – well above the monthly...
The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.
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