The New York State offices of Fannie Mae (OTCQB: FNMA) and Freddie Mac (OTCQB: FMCC) are reportedly going to be closed due to the “corrupt and dangerous business practices” within the state by New York Attorney General Letitia James.
Fox News first reported the story, culling its information from an unnamed “source close to the Federal Housing Finance Agency (FHFA),” the regulator for the government-sponsored enterprises. An official announcement on the FHFA’s action is expected later in the day.
“We’ll still employ New York residents, and we’ll still continue to do mortgage loans in New York, of course,” the unnamed source stated. “But we are going to eliminate our physical presence. And to the extent that we have leases, we are going to be subleasing those.”
James has been the subject of a criminal referral made by FHFA Director Bill Pulte over alleged mortgage fraud. The James case was at the center of the resignation of Erik Siebert as Acting US Attorney for the Eastern District of Virginia – Siebert balked at pressure by the White House to bring the James case to trial, citing insufficient evidence to support a successful prosecution.
How absurd and destructive this administration and its lackies are. Screw the public because Pulte and others don’t like administrators who do their jobs. This is not retribution this is criminal behavior.
Please explain how this is absurd or destructive? Why would the public suffer from those offices closing? Just because offices are being relocated to another site, should have no impact on the administration and perhaps be even more cost effective.
Unbelievable that the people of New York will suffer because of this administration is seeking revenge against Leticia James. Shameful and so very evil an misguide
Anytime a business relocates some citizens are affected by the new location. It’s apparent that the location was based on need ad now you think that need has vanished?
What is the reason for the need for the relocation based upon FNMA’S RESPONSE?
Jack, you’re missing the point. This is pure vindictive and “tail wagging the dog” behavior. Our country is supposed to be better than this.
Unbelievable that the people of New York will suffer because of this administration is seeking revenge against Leticia James. Shameful and so very evil an misguide
So is Leticia James innocent?
Yes, Diane, that’s exactly the issue! James ran a campaign stating that her main goal was to go after Trump. I’m guessing that they will find her guilty so you libs can keep talking about how unfair this administration is as they continue over and over to do great things for America!