Fannie Mae Knew Of Mortgage Fraud In Year 2000

[JEast]

No wonder the mortgage mess got so messy when regulators were hiding behind congressional mandates.  After the fraud was discovered and Fannie Mae quit buying the fraudulent mortgages, it continued for years because Freddie Mac began picking up the fraudulent business within a week of Fannie Mae’s cutoff.

 

http://www.bloomberg.com/news/2011-06-30/fannie-mae-silence-on-taylor-bean-mortgages-opened-way-to-3-billion-fraud.html

 

 

Cheers

JEast