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Thursday, November 8, 2007

NY probes Fannie and Freddie

November 8 2007

New York's attorney general issues subpoenas to Fannie Mae and Freddie Mac concerning mortgages they bought from banks. New York Attorney General Andrew Cuomo said Wednesday that he has issued subpoenas to government-sponsored lenders Fannie Mae and Freddie Mac in his investigation into what he claims are conflicts of interest in the mortgage industry. Cuomo said he wants to know about loans Fannie Mae and Freddie Mac purchased from banks, including Washington Mutual. The subpoenas also seek to find out how the government-sponsored companies handle appraisals.

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