Cuomo Subpoenas Two Of The Nation’s Largest Home Mortgage Lenders

Cuomo is demanding information on loans that Fannie Mae and Freddie Mac purchased from banks. Both lenders have agreed to let an independent examiner review all their mortgages with the bank. “Our belief is the appraisals in many cases were fraudulent,” said Cuomo. “That there was widespread pressure on the appraisers to change the appraisals.

That has been going on for a long period of time and that that exists today in the primary and in the secondary market.” This is part of Cuomo’s industry-wide investigation into mortgage fraud. It comes less than a week after Cuomo filed suit against eAppraiseIT, accusing the company of secretly working with the nation’s largest savings and loans to inflate the value of homes.

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