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AG Kamala Harris is suing the two mortgage giants in essentially identical lawsuits over 12,000 foreclosed properties in California where they served as landlords, using the legal approach to insist that the firms respond to 51 investigative subpoenas.
According to a report by the Associated Press, the firms are also pressed to “reveal whether they have information on the decreased value of those homes due to drug dealing or prostitution, as well as explosives and weapons found on those vacant properties.”
Harris is also questioning if the mortgage firms complied with civil right laws against unlawful convictions and foreclosures.
Both Fannie Mae and Freddie Mac were taken over by the Federal Housing Finance Agency in September 2008 to save them from failing. The two firms own or guarantee almost half of all U.S. mortgages, or 31 million loans.
According to the FHFA, taxpayers have paid $150 billion to bailout the firms, warning that the final cost could run up to $259 billion.
The launch of the new 4-year lending facility by the European Central Bank was disappointing. Participation was light. Some 255 banks (of 382 eligible institutions, which represent more than 1300 entities) borrowed a total of 82.6 bln euros. The consensus was for 150 bln euros, and less than 100 bln was thought to a failure. Read more
Jeffrey D. Sachs,
Mohamed A. El-Erian,
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