9/16/2010

Edward J. DeMarco, acting director of the U.S. 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," DeMarco told participants at a House Financial Services subcommittee hearing.

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