Report: Fannie Mae knew of foreclosure abuses as early as 2003

Fannie Mae, the U.S. government-sponsored mortgage-finance company, knew about widespread foreclosure abuses by law firms it employed as early as 2003 but did nothing about it, according to the Federal Housing Finance Agency's inspector general. "American homeowners have been struggling with the effects of the housing-finance crisis for several years, and they shouldn't have to worry whether they will be victims of foreclosure abuse," said Steve Linick. "Increased oversight by FHFA could help to prevent these abuses."

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