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New rule for GSEs reporting fraud
WASHINGTON (1/29/10)—Starting Feb. 26, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBs) will be operating under a new fraud-reporting rule. The Federal Housing Finance Agency published a final rule this week that puts into effect requirements of the 2008 Housing and Economic Recovery Act, the statute that transferred oversight power of the government-sponsored entities (GSEs) to the FHFA. The final rules requires Fannie, Freddie and the FHLBs to report all fraud or suspected fraud in all their mortgage programs. The GSEs must do so “upon discovery that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument.” The final regulation also requires the regulated entities to establish and maintain internal controls, policies, procedures, and operational training programs to ensure that any fraudulent loan or financial instrument or possible fraudulent loan or financial instrument is discovered and reported. The rule states clearly that the GSEs and affiliated entities are protected from liability “in making a report or requiring another to make a report if it acts in good faith.”
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