The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to phase out their current foreclosure attorney networks and to develop new criteria, allowing mortgage servicers to choose their own lawyers in the future.
Currently, the government-sponsored enterprises designate specific law firms eligible to do foreclosure work for servicers. The FHFA said Tuesday the unwinding of these networks coincides with the alignment of the GSE servicing guidelines that took effect Sept. 1 and the regulatory consent orders signed with the largest servicers earlier in the year.
No comments:
Post a Comment