New York Attorney General Andrew Cuomo has launched investigations into mortgage lenders’ practices involving appraisals. Andrew Cuomo said that he has issued subpoenas to government-sponsored lenders Fannie Mae and Freddie Mac in his investigation into what he claims are conflicts of interest in the mortgage industry.
Cuomo said he wants to know about loans Fannie Mae and Freddie Mac purchased from banks, including Washington Mutual. The subpoenas also seek to find out how the government-sponsored companies handle appraisals.
http://www.washingtonpost.com/wp-dyn/content/article/2007/11/07/AR2007110701495.html
This is move, in my opinion, is dumb. In an Elliot Spitzer political style, Cuomo is trying to make a name for himself, while at the same time making an already bad problem worse. Let the feds deal with the problem, not the NY AG.
