MORTGAGE LOAN COMPLIANCE®

The California Attorney General Kamala Harris has filed a lawsuit against Fannie Mae and Freddie Mac over mortgage and foreclosure problems. The suit comes after Fannie and Freddie's regulator, the Federal Housing Finance Agency, blocked Harris's inquiry into the mortgages and foreclosed properties the Government Sponsored Entities (GSE’s) own in California.

In the lawsuits she filed Harris says that Fannie and Freddie hold extensive information that is critical to her investigation. She notes that between 2007 and June 2011 over 768,000 homes have been foreclosed in California and says those foreclosed homes caused numerous problems in her state including criminal activity like prostitution and drug trafficking.

Fannie and Freddie play and central role in the mortgage and foreclosure issues in California, she says in her suit. As a result, Harris requested answers to questions she says are critical to protecting the health, safety and welfare of the state's residents.

But instead of complying, Harris says in her complaint, Fannie and Freddie have failed and refused to provide any information her office requested.

In September Harris pulled her state of out a nationwide foreclosure probe of some of the nation’s biggest banks over their shady foreclosure practices. That investigation was assembled by the country’s attorneys generals nearly a year ago to look into fraudulent foreclosure practices by banks. Harris backed out of the settlement because “the the nation’s five largest mortgage servicers were not offering California homeowners relief commensurate to what people in the state had suffered.”

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