The American Empire in a Changing World


Wednesday, December 5, 2012

''US Bancorp: Freddie Mac raises demands for banks to take back sour mortgages''

From Housing Wire

''In a MarketWatch article, chairman and chief executive Richard Davis of U.S. Bancorp  ($31.43 -0.62%) told investors that Freddie Mac is raising demands to banks to repurchase certain defaulting mortgages that were sold to both government-sponsored enterprises.

Freddie Mac informed U.S. Bancorp and other banks during the Goldman Sachs ($116.58 -1.82%) Financial Services conference that the GSE would demand banks to take back defaulting mortgages made in 2004 and 2005. Previously, both Fannie Mae and Freddie Mac only demanded banks to take back mortgages made in 2006 or later. ''

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