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.

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.

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U.S. Attorney General Eric Holder and Associate AG tony west announced that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation-the largest civil settlement with a single entity in American history -to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation.

Why FHFA-OIG Did This Audit. In 1997, the Federal National Mortgage Association (Fannie Mae or Enterprise) established its Retained Attorney Network (RAN) to acquire default-related legal services.

While waiting for a trial today I spent some good time talking to a good foreclosure attorney on the bank side. He’s the kind of guy that admits to homeowner foreclosure attorneys, "we’ve got these certain problems with this case, this document is missing, here are the problems with my witness." That’s exactly what good lawyers do.

Attorney General Harris created a Mortgage Fraud Strike Force in March, 2011 to investigate and prosecute misconduct related to mortgages and foreclosures. Lake County News "The mortgage and foreclosure abuse in California ends here," said Noreen Evans (D-Santa Rosa), co-chair of the Joint Conference Committee.

FHFA Knew About Robo-Signing Issues in 2009. According to the Federal Housing Finance Agency (FHFA)’s Office of inspector general (fhfa-oig), FHFA received reports indicating robo-signing issues as early as August 2009 but failed to act on the information "until a full year later when allegations of abuse by law firms within Fannie Mae’s attorney.

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