A top House Democrat is questioning why government-controlled Fannie Mae and Freddie Mac charged mortgage servicers millions of dollars in penalties for not moving fast enough on foreclosures.
House Overnight and Government Reform Committee ranking member Elijah Cummings (D-Md.) sent a letter Wednesday to Edward DeMarco, acting director of Federal Housing Finance Agency (FHFA), the regulator of Fannie and Freddie, requesting information about $150 million in fees the troubled mortgage giants charged mortgage servicing companies last year exceeding foreclosures timelines.
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