New York Attorney General Reaches Deal With Lenders Fannie Mae and Freddie Mac
ALBANY, N.Y. (AP) -- New York Attorney General Andrew Cuomo ended an investigation into inflated home appraisals in an agreement announced Monday with government-sponsored lenders Fannie Mae and Freddie Mac.
The agreement would end the practice of using in-house staff for initial home appraisals and would prohibit the use of appraisal management companies owned or controlled lenders.
Fannie Mae and Freddie Mac, under the agreement, will only purchase loans that meet the new standards.
Cuomo... Full Story
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