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Feb

02

Banks Get Concession on Mortgage Fights With Fannie, Freddie

By Tony Seruga

U.S. says arbitration can resolve disputes over flawed loans
Change could lead to increase in mortgage lending, MBA says

U.S. banks have complained for years that the risk of having to buy back flawed mortgages has discouraged them from lending. Now a regulator is offering a concession.

Under a plan announced Tuesday, mortgage lenders will be able to take disputes over home loans to an independent arbitrator. Fannie Mae and Freddie Mac, the mortgage-finance giants, will allow a third party to decide how grievances should be resolved after other options have been exhausted, the Federal Housing Finance Agency said in a statement…

Banks Get Concession on Mortgage Fights With Fannie, Freddie

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