Lawmakers Query Fannie Over Questionable Loans

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005597-lawmakers-query-fannie-over-questionable-/

U.S. lawmakers on Wednesday asked mortgage finance giant Fannie Mae to explain dealings with a North Carolina mortgage firm whose principals were convicted of fraud, leading a court to order Fannie Mae to forfeit $6.5 million.

“We are very concerned that the U.S. taxpayers may have been put at risk when certain loans were sold by First Beneficial Mortgage to Ginnie Mae after many of the same loans were determined to be fraudulent by Fannie Mae,” Republican Representatives Richard Baker, Sue Kelly and Robert Ney said in a letter to Fannie Mae Chief Executive Franklin Raines.

For this complete story, please visit Lawmakers Query Fannie Over Questionable Loans.

Lawmakers Query Fannie Over Questionable Loans

Unknown Author

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