Thursday, October 14, 2010

Document Mess Hits Fannie, Freddie .

http://online.wsj.com/article/SB10001424052748704763904575550472268902454.html?mod=WSJ_hpp_LEFTTopStories

Do you really think that this situation can be fixed Ben?


Ms. Kapusta handled files for Fannie and Freddie, according to her deposition.

When Fannie came to the Stern law firm to check on the processing, "We would all have to be under strict dress code and emails would go out that Fannie was in the office," Ms. Kapusta said. Fannie and Freddie have guidelines that require, for example, that documents reflecting the transfer of ownership be dated on the exact day of the transfer.

But Ms. Kapusta said that to meet those guidelines, documents were backdated. "They'd come in and audit," Ms. Kapusta said, "so we're just typing in what they want to see. It's not necessarily what actually occurred. That's what we were told to do."

Fannie and Freddie declined to comment on the deposition