California asks for Fannie Mae, Freddie Mac foreclosure hiatus

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California asks for Fannie Mae, Freddie Mac foreclosure hiatus

California asks for Fannie Mae, Freddie Mac foreclosure hiatus

LA TIMES-

California’s attorney general has asked for a suspension of foreclosures on loans controlled by Fannie Mae and Freddie Mac.

Atty. Gen. Kamala D. Harris in a letter asked the regulator of the government-controlled mortgage titans to halt foreclosures in California until the agency has completed a “thorough, transparent analysis of whether principal reduction is in the best interests of struggling homeowners as well as taxpayers.”

It is not the first time that Harris has tangled with the giants — last year she sued the two mortgage giants after they refused to answer subpoenas regarding their mortgage and foreclosure practices. That case remains pending.

Harris has also called on Edward DeMarco, the head of the Federal Housing Finance Agency that regulates Fannie and Freddie, to step down, accusing him of not doing enough for borrowers.

[LA TIMES]

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One Response to “California asks for Fannie Mae, Freddie Mac foreclosure hiatus”

  1. usjsutce4all says:

    It sound good and all but really? Don’t you think this helps their casue. They know economics, they have to dole the homes out slowly to get the most for their money, housing prices will be a knee jerk reaction for the next 3 years, boom then bust, while they still make money and millions more will suffer. Don’t think this doesn’t fit into their plan right now.

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