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Senator Snowe Demands Fannie Mae and Freddie Mac do Their Part to Protect Homeowners...
Washington, DC - October 21, 2010 - (RealEstateRama) -- U.S. Senator Olympia J. Snowe (R-Maine) is urging Fannie Mae and Freddie Mac to reinforce their commitment to safeguarding the legal rights of borrowers in view of recent allegations of defective and flawed foreclosure documentation at several of the nation’s largest mortgage lenders. Senator Snowe’s comments were made following today’s announcement by the Federal Housing Finance Agency (FHFA) that Fannie Mae and Freddie Mac, government sponsored enterprises placed into conservatorship of the FHFA in 2008 and currently financed by taxpayers, would need as much as an additional $215 billion over the next three years to meet their financial obligations.
