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Inside Washington (11/01/2011)
  • WASHINGTON (11/2/11)--Fannie Mae's multifamily department is under investigation by the Office of Inspector General (OIG) and the Federal Housing Finance Agency, according to a report in the National Mortgage News confirmed by the government-sponsored enterprise (GSE) on Monday (The New York Times Nov. 1). Also, David Worley, Fannie Mae's chief risk officer in charge of multifamily mortgages, has left the GSE. A Fannie Mae spokeswoman would not confirm whether Worley's departure is related to the investigation. Worley's responsibilities included underwriting standards and related areas. He joined Fannie in 2005 from Senderra Capital and First City Partners …
  • WASHINGTON (11/2/11)--A report by the Government Accountability Office finds fault with the Federal Reserve Bank of New York's handling of the 2008 bailout of American International Group (AIG) (American Banker Nov. 1). In September 2008, the Board of Governors of the Federal Reserve System   approved emergency lending to AIG--the first in a series of actions that led to the Department of Treasury's authorization of $182.3 billion in federal aid to assist the company. New York Fed officials provided inconsistent explanations for their decision to pay other financial companies the full amounts they were owed by AIG, according to the report. In other cases, the government sought concessions on payments to other companies. Some of the companies indicated a willingness to accept smaller payments the report, said …
  • WASHINGTON (11/2/11)--The Office of the Comptroller of the Currency (OCC) on Tuesday began the independent foreclosure review required under the agency's enforcement actions taken in April. Under the enforcement actions by the OCC, the Federal Reserve, and Office of Thrift Supervision, 14 large mortgage servicers were required to correct deficiencies in their servicing and foreclosure processes and to get reviews from independent firms of foreclosure actions that occurred in 2009 and 2010. Independent consultants will evaluate whether borrowers suffered financial injury during the foreclosure process and determine appropriate remediation. Where a borrower suffered damages, the consent orders require remediation to be provided. The 14 mortgage servicers covered by the enforcement actions began mailing letters to eligible borrowers explaining how to request a review of their case if they believe they suffered financial injury as a result of errors, misrepresentations or other deficiencies in foreclosure proceedings related to their primary residence between Jan. 1, 2009 and Dec. 31, 2010. Borrowers also may visit www.IndependentForeclosureReview.com for more information about the review and claim process …


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