Fannie And Freddie Run Up $110 Million Legal Tab

By Author: michael ryson
Total Articles: 15
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A watchdog company has recently reported that Fannie Mae and Freddie Mac have run up a legal tab of $110 million, and taxpayers have paid at least $47 million of it, according to CNNMoney.

The totals could be, in fact, even higher. Many of these taxpayers are homeowners who need help with foreclosure and might have even been victims of deceptive foreclosure practices.

“The inspector general report focused on only one particular legal case against Fannie Mae, and isn’t an exhaustive account of the housing giants’ legal bills, reportedly more than $160 million,” according to a 2011 congressional hearing, CNNMoney.

In 2008, the two companies were taken over by the government and given “large cash infusions” to make up for their losses on mortgages they had owned and guaranteed.

Currently, between both companies, they are responsible for about two thirds of U.S. mortgages.

Pruitt Rejects Relief Money for Oklahoma Foreclosure Victims—Only State to Opt Out:

Two weeks ago, when the foreclosure fraud settlement finally became official, ...
... 49 states accepted the deal while Oklahoma Attorney General Scott Pruitt decided against having the state sign on.

The state would have received $18.6 million in cash, to be used for any purpose, and a designated $10.2 million to be directly paid to those in need of help with foreclosure, according to the state breakdown provided by the Iowa Attorney General’s Office, in NewsOK.

Instead, Pruitt decided to cut the $10.2 million relief from the amount and accept only the $18.6 million. That extra money would have been sure mortgage rescue aid for those affected by deceptive foreclosure practices. Now there are no guaranteed funds for Oklahoma victims.

“Pruitt said he refused to join other states in a federal foreclosure agreement on the principle that the agreement went beyond the scope of attorneys general,” as reported in NewsOK.

Now Oklahomans are the only people in the country who will not be able to apply for the $1.5 billion earmarked for victims.

Although citizens of Oklahoma are not applicable for those funds, there are foreclosure lawyers who can help with other options to restructure mortgages and compensate for the banks’ crimes.

If you are behind on your mortgage payments, then The Foreclosure Law Center can help you. For more details about The Foreclosure Law Center Complaints, please visit us online.