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Lawmakers Urge Greater Care With Sales of Distressed Mortgages

By Tony Seruga

Dozens of lawmakers sent a letter on Tuesday to housing regulators urging them to disqualify aggressive investors from the sales of distressed mortgages by the Federal Housing Administration, Fannie Mae andFreddie Mac, and asking them to provide more details about loan sales and their outcomes.

Hedge funds and private equity firms have drawn fire from housing advocates as they swoop in to buy distressed mortgages that remain from the housing crisis nearly a decade ago. Critics say the investors are too quick to push loans into foreclosure rather than negotiate workable modifications that could keep owners in their homes…

Lawmakers Urge Greater Care With Sales of Distressed Mortgages

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