WASHINGTON (6/4/13)--The Inspector General for the Federal Housing Finance Agency (FHFA) has announced it will investigate how Fannie Mae and Freddie Mac are managing the sales of foreclosed properties.
The review will scrutinize how the homes involved are repaired, maintained and marketed for sale, reports this week's Credit Union National Association Regulatory Advocacy Report.
The CUNA RAR notes that the government-sponsored housing enterprises owned approximately 192,000 foreclosed properties at the end of 2012, and nearly one million troubled mortgages that could reach foreclosure.
The FHFA IG has released a joint report with the U.S. Department of Housing and Urban Development Department IG entitled, "Joint Report on Federally Owned or Overseen Real Estate Owned Properties." Use the resource link to access the report.
Also in this week's RAR, free to CUNA members by subscription, are articles on the Consumer Financial Protection Bureau's delay of a credit insurance premium financing prohibition, and a Financial Accounting Standards Board request for comment on a private company decision-making framework, among many other topics.
Employees or volunteers of CUNA- and state credit union league-member credit unions can use the second link below to sign up for the Regulatory Advocacy Report.
The RAR is archived on cuna.org.