Massachusetts AG threatens to sue FHFA over buyback law

FHFA Director Calabria: Net worth sweep is step one, IPOs for GSEs are an option Fannie Mae, Freddie Mac would need another bailout in severe economic crisis Fannie Mae headquarters in Washington. Fannie Mae and Freddie Mac together could need a taxpayer bailout of as much as $125.8 billion in a new, severe economic downturn. test required by the.

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Massachusetts AG Coakley Threatens To Bitchslap FHFA With Lawsuit.. to ensure compliance with Massachusetts law, should FHFA fail to promptly amend its policies to allow Fannie Mae and Freddie Mac to participate in credible buyback programs," Coakley says in the letter to Watt.

By the same token, rich states like New Jersey, Delaware, Maryland, Massachusetts, and Connecticut end up donating. And, along with Texas and Vermont, it keeps threatening to secede anyway. But.

Fannie and Freddie are accused of not allowing properties to enter buyback programs even though prevention of such initiatives proves to be expensive for these GSEs. The AG alleged that two of the policies of Fannie and Freddie violate the Massachusetts law called ‘An Act to Prevent Unnecessary and Unreasonable Foreclosures’.

This constitutes a violation of Massachusetts law, and what does a savvy State Attorney General (Martha Coakley) do when someone (feds) breaks the law? They sue! (obviously). Coakley filed suit in the Suffolk Superior Court, alleging that the FHFA has refused to sell mortgages it owns to the nonprofit organization Boston Community Capital (BCC).

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BOSTON (AP) — Massachusetts attorney general martha coakley is threatening to sue the Federal Housing Finance Agency for refusing to comply with a state law designed to help stem foreclosures. Coakley said mortgage giants Fannie Mae and Freddie Mac, currently under the control of the agency, have.

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