According to a report by the
inspector general of the Federal Housing Finance Agency (FHFA), loose
oversight of thousands of contractors tasked with maintaining foreclosed
properties caused neighborhoods to deteriorate and exposed Fannie Mae
and Freddie Mac to fraudulent billing.
From 2008 through most of last year, the
FHFA did not conduct the necessary targeted reviews of the two firms’
foreclosure management programs or the nearly 10,000 contractors hired
to maintain distressed homes.
As of the end of December, Fannie Mae and
Freddie Mac owned a combined 179,000 homes — three times their
inventory from just four years earlier.
Source: “Federal Report Faults Fannie Mae and Freddie Mac Oversight of Repossessed Homes,” Palm Beach Post (July 4, 2012)
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