Fraud & Investigations


Posted on Wednesday, February 24, 2010

Miami, FL: Fannie Mae has committed to purchase $5 million in loans originated through an anti-predatory initiative that is designed to relieve homeowners in Miami-Dade who have been victims of abusive lending practices. Under the Miami-Dade Predatory Lending Initiative, borrowers whose credit has been negatively affected due to an abusive loan may qualify for a new market-rate mortgage based on their credit prior to receiving the abusive loan, enabling them to stay in their homes.The initiative was created through the collaboration of Fannie Mae, Miami-Dade Housing Agency, State of Florida Office of the Comptroller, LISC, Miami-Dade HFA, Legal Services of Greater Miami, Miami-Dade Anti-Predatory Lending Workgroup, Association of Community Organizations for Reform (ACORN), Community Development Corporations, Counselors of North America, and Wachovia.

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