Edward J. DeMarco, acting director of the Federal Housing Finance Agency, said Fannie Mae did not get regulatory approval before agreeing to finance mortgages to borrowers who were making a down payment of as little as $1,000. Fannie Mae and Freddie Mac are supposed to have "any significant actions" "reviewed and approved" by the FHFA. "This one got away from us," Mr. DeMarco told participants at a House Financial Services subcommittee hearing.

Full Story:

Related Summaries