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California Attorney General Sues Freddie Mac and Fannie Mae

Kamala Harris, the Attorney General for the State of California has filed a lawsuit in San Francisco Superior Court. The lawsuit is a result of an investigation by the California Attorney General with regard to twelve thousand foreclosed properties in California owned by Freddie Mac and Fannie Mae. Kamala Harris seeks to ascertain what role, if any, these companies had in selling and marketing mortgage backed securities. Kamala Harris also seeks Freddie Mac and Fannie Mae to provide information with regard to the decreased value of homes in California related to drug dealing, prostitution, explosives and weapons found on these vacant properties. The lawsuit states “foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entirecommunity.” In addition, Harris seeks information as to whether Freddie Mac and Fannie Mae are in full compliance with the Civil Rights Laws protecting minorities and members of the Armed Forces of the United States who reside in California.

Freddie Mac and Fannie Mae Taken Over By Federal Government

In 2008 the Federal Government took over Freddie Mac and Fannie Mae. A conservativeship under the Federal Housing Agency was created to deal with the staggering debts of these two companies. An attorney for the Federal Housing Agency has taken the position, in a letter, related to the lawsuits that State Attorney Generals do not have authority to issue subpoenas to Federal Conservators. This lawsuit may determine whether a state has the authority to investigate mortgage companies while they are under federal control.

Freddie Mac & Fannie Mae Cost Tax Payers One Hundred Fifty Billion Dollars

Since Freddie Mac and Fannie Mae have been taken over they have cost tax payers one hundred and fifty billion dollars. This is the largest bail out of the financial crisis. It is estimated that before the mortgage crisis ends the bail out of Freddie Mac and Fannie Mae may amount to as much as two hundred and fifty billion dollars. The lawsuit deals with some of the residential foreclosures in California that took place between January, 2007 and June of 2011. Altogether there were more than seven hundred and sixty eight thousand foreclosures in California during this period.

Foreclosure Help Lawyers

If you are facing a potential foreclosure you need to consult with qualified, experienced foreclosure defense lawyers. The Law Offices of Schlissel DeCorpo has been representing homeowners in foreclosure lawsuits for more than 23 years. If you are served with a Summons and Complaint, our law office can submit an Answer to the Summons and Complaint alleging affirmative defenses, such as predatory lending, defective mortgage, defective foreclosure lawsuit and various other real estate defenses. We can appear in court at foreclosure court conferences on your behalf. We can also help you submit mortgage modifications to your financial institutions.

Bankruptcy Filing

When appropriate, we can also file either a Chapter 7 or a Chapter 13 bankruptcy for the purpose of stopping the foreclosure from moving forward. Filing of a bankruptcy also can be utilized to eliminate credit card debts and stop all other types of collection activity. At the end of the bankruptcy’s filing we can educate you as to how to re-establish your credit. Contact us for a free consultation. At this consultation we will provide you with all your foreclosure and bankruptcy options. Our office numbers are 1-800-344-6431, 516- 561-6645 or 718-350-2802.

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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