January 10, 2019 / 12:42 AM / 7 months ago

Fannie Mae not liable for false report of foreclosure – 9th Circuit

The Federal National Mortgage Association is not a credit reporting agency that can be sued for its errors under the Fair Credit Reporting Act, a divided federal appeals court held on Wednesday.

The 9th U.S. Circuit Court of Appeals reversed a $30,000 verdict and an award of $720,000 in attorneys’ fees and costs to Richard and Kristin Zabriskie, an Arizona couple whose refinancing plans were thwarted for 15 months because Fannie Mae’s proprietary software for lenders erroneously reported that they had a foreclosure on their record.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2RylUNR

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