August 14, 2017 / 8:46 PM / 2 years ago

Consumers' lawsuit says loans denied because of Fannie Mae inaccuracies

Fannie Mae has been hit with a proposed class action in San Francisco federal court by homeowners who say they were rejected for loans because the mortgage financing giant falsely reported that their homes had been in a foreclosure.

Filed on Saturday, the lawsuit said Fannie Mae misreported foreclosures in credit histories for thousands of consumers who had sold their homes in a short sale. In a short sale, an alternative to foreclosure, a bank allows a homeowner to sell a home for less than the amount owed on the mortgage and agrees to accept the proceeds to settle the loan.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2w7GxoX

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below