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Insight: Fannie Mae, Freddie Mac clamping down on banking institutions

Insight: Fannie Mae, Freddie Mac clamping down on banking institutions

(Reuters) – Government-owned Fannie Mae and Freddie Mac are improving efforts to locate bad mortgage loans from them, providing an increasingly bigger headache to banks that they can force mortgage lenders to buy back.

The companies that are government-controlled squabbling with banking institutions over whom should keep the responsibility of losses through the housing crunch, in specific loans made between 2005 and 2008, once the market is at its frothiest.

Fannie Mae and Freddie Mac’s efforts will convert to higher home loan losings for banking institutions when you look at the quarters that are coming. However the end for the combat could be coming soon. Fannie Mae, the more expensive associated with two boat finance companies, is significantly more than halfway through its breakdown of loans to try and offer back once again to banking institutions and it is primarily concentrating on that four-year period, a supply knowledgeable about the situation stated.

Fannie Mae and Freddie Mac buy mortgages from banking institutions and bundle the loans into bonds that have offered to investors.

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