California Attorney General Sues Fannie, Freddie

Wednesday, 21 Dec 2011 08:54 AM

 

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California's attorney general is suing mortgage giants Fannie Mae and Freddie Mac, demanding that the government-backed companies respond to questions in a state investigation.

Attorney General Kamala Harris filed the lawsuit Tuesday in San Francisco Superior Court.

Fannie and Freddie own some 60 percent of the state's mortgages, and Harris is investigating the agencies' involvement in thousands of foreclosed properties where they served as landlords. She also wants to find out what role the agencies played in selling or marketing mortgage-backed securities.

The lawsuit demands a response to 51 investigative subpoenas, including a list of all of Fannie and Freddie's vacant homes and the potential law enforcement hazards on those properties.

Some 768,330 residential mortgages have been foreclosed on in California from January 2007 to June of this year.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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