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California Attorney General Sues Fannie Mae, Freddie Mac

December 26, 2011 by  

California Attorney General Sues Fannie Mae, Freddie Mac

California’s Attorney General filed lawsuits against Fannie Mae and Freddie Mac last week, demanding that the companies respond to questions in a State investigation, reported The Associated Press.

According to the news outlet, the two mortgage giants, which own roughly 60 percent of the mortgages in the State, are the target of an investigation led by Attorney General Kamala Harris into their involvement in 12,000 foreclosed properties in California.

The AP reported that Harris also wants to find out what role the companies had in selling or marketing mortgage-backed securities. The lawsuit asks the mortgage firms to reveal whether they have information on the decreased value of those homes due to several factors, including the presence of drug dealing or explosives.

“Foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entire community,” the lawsuit said.

The Wall Street Journal reported that the Securities and Exchange Commission has alleged securities fraud against former executives at the two mortgage firms over deceptive and misleading public statements in the wake of the financial crisis.

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