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Insight: Fannie Mae, Freddie Mac clamping straight down on banking institutions

Insight: Fannie Mae, Freddie Mac clamping straight down on banking institutions

(Reuters) – Government-owned Fannie Mae and Freddie Mac are improving efforts to locate bad mortgage loans that they’ll force mortgage brokers to get right back from their website, providing an extremely larger frustration to banking institutions.

The government-controlled businesses are squabbling with banking institutions over whom should keep the responsibility of losings through the housing crunch, in specific loans made between 2005 and 2008, if the market is at its frothiest.

Fannie Mae and Freddie Mac’s efforts will translate to raised home loan losings for banking institutions within the quarters that are coming. Read more »