Fannie Mae Officials Ousted After Confidential Mortgage Data Shared with Competitor Freddie Mac
By
consumer451
Baker's choice. Dense with flavour, light on filler.
Summary
Fannie Mae officials were ousted after confidential mortgage pricing data was shared with competitor Freddie Mac by an associate of Bill Pulte, the Trump administration's top housing regulator. Emails reviewed by AP show senior Fannie Mae executives were alarmed by the data disclosure, warning it could expose the company to claims of colluding with a rival to fix mortgage rates. The incident involves Lauren Smith, Fannie Mae's head of marketing, who shared the data with Freddie Mac on behalf of Pulte, who was working for the Federal Housing Finance Agency director.
Key quotes
· 4 pulledA confidant of Bill Pulte, the Trump administration's top housing regulator, provided confidential mortgage pricing data from Fannie Mae to a principal competitor
Emails reviewed by The Associated Press show that Fannie Mae executives were unnerved about what one called the 'very problematic' disclosure of data
The disclosure alarmed senior officials of the government-backed lending giant, who warned it could expose the company to claims that it was colluding with a rival to fix mortgage rates
Fannie Mae and the FHFA both say they take compliance with the law seriously
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