California's GSE Suit Opens Legal Can of Worms

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California’s GSE Suit Opens Legal Can of Worms

California’s GSE Suit Opens Legal Can of Worms

If you act like a bank, you think like a bank …you’ll think you’re above the law as well.

National Mortgage News-

The Federal Housing Finance Agency believes California Attorney General Kamala Harris is pestering Fannie Mae with stupid questions. Whether that opinion is enough justification for the government-sponsored enterprise to ignore her queries is to be determined.

Earlier in the week Harris filed suit in San Francisco Superior Court, seeking to force Fannie to respond to a lengthy list of questions about defaulted loans it guarantees in the state and other matters. Appended to the filing is a letter from Arnold & Porter attorneys representing the FHFA, who argue that the agency’s authority over Fannie shield it from California’s questions.

[NATIONAL MORTGAGE NEWS]

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