US Regulator Being Blocked In Accessing Faulty Mortgage Info

Well surprise surprise, the government backed regulator the Federal Housing Finance Agency are experiencing problems in securing information about faulty mortgage deals and transactions

Reuters have a feature on the breaking news – here is a clip – quote – Nothing has been heard from the regulator, the Federal Housing Finance Agency, on 64 subpoenas it issued banks in July for detailed information on subprime and other Wall Street mortgage bonds purchased by the U.S. home loan giants at the peak of the housing market

The delays are fueling suspenseful buzz among investors, who are hoping the top housing regulator’s investigation will help jump start their efforts to prove fault on private-label mortgage securities. Just 20 percent of the information requested by the FHFA has been delivered, with some banks resisting the regulator’s demands, one source said.

Should the FHFA find fault on the securities it would increase pressure on banks to buy back bad mortgages which could result in $90 billion in losses, according to analysts.

Two banks sidestepping, swerving, avoiding and blatantly failing to co-operate with the regulator the Federal Housing Finance Agency

‘Here we go again once more ‘stonewalling’ from Fanny Mae and Freddie Mac!’

U.S. regulator struggles to gain faulty mortgage info

http://www.reuters.com/article/2011/01/28/us-mortgages-regulation-subpoenas-idUSTRE70R70620110128

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