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March 20, 2009
Fannie Mae and Freddie Mac are in the process of developing new tools to help combat the surge of mortgage fraud.
It's unclear exactly what the mortgage behemoths have in mind but Federal Housing Finance Agency Director James B. Lockhart reportedly said he hopes to unveil the tools soon. The new rules Fannie and Freddie announced in January that require mortgage originators and appraisers to provide identifying data on loans sold to companies take effect Jan. 1, 2010.
Read story at Wall Street Journal Online
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