NEW YORK ( TheStreet) -- The Federal Housing Finance Agency's Office of Inspector General said in its latest report critical of the Fannie Mae (FNMA) and Freddie Mac (FMCC) regulator that the agency still had no policies to address abusive foreclosure practices by law firms representing the mortgage giants.
Fannie and Freddie were taken under government conservatorship in September 2008. As of June 9, according to the FHFA, the U.S. Treasury had "invested over $162 billion of public funds in
The FHFA's Inspector General began a review of Fannie Mae's Retained Attorney Service Network, or RAN, in late 2010, following a request from Representative Elijah E. Cummings (D-Md.) that the Inspector General investigate "widespread allegations of abuse" by law firms hired to process foreclosures for Fannie Mae, and FHFA's efforts "to investigate these allegations and implement corrective action."
The Inspector General found that "there were indicators prior to August 2010
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