GSE Counterparties May Face Enormous Liability, Huge Compliance Burden from FHFA Subpoenas
July 16, 2010
In what may be one of the most significant and expensive legal actions in the mortgage industry in years, the Federal Housing Finance Agency this week issued subpoenas to dozens of security issuers and other entities over billions of dollars in losses that Fannie Mae and Freddie Mac suffered from non-agency MBS that turned into toxic assets... [Includes two charts]