Massachusetts AG threatens to sue FHFA over buyback law

BOSTON – Attorney General Martha Coakley is threatening to sue the Federal Housing Finance Agency for refusing to comply with a state law designed to help stem foreclosures.

The Office of Inspector General ("OIG") for the Federal Housing Finance Agency ("FHFA") is urging the FHFA to sue its servicers and lender-placed insurance ("LPI") providers because Fannie Mae and Freddie Mac have suffered considerable financial harm in the LPI market, possibly as much as $158 million in 2012 alone from excessively priced insurance coverage.

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Fannie, Freddie Sued by Massachusetts AG The attorney general ( AG ) of Massachusetts, Martha Coakley has sued Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ) for violating state anti-foreclosure law. The case, filed in Suffolk Superior Court, also named the Federal Housing Finance Agency, the U.S. regulator that oversees these two Government.

The student loan servicer also manages the student loan accounts for more than 100,000 student debtors from Massachusetts with a total outstanding principal balance of more than $5 billion. Back in late June, a report surfaced that stated Attorney General Healey was threatening to sue PHEAA over their handling of federal student loans.

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Massachusetts Attorney General Martha Coakley, who had threatened to sue fannie mae and Freddie mac, has made good on that threat. She recently filed suit against the two GSEs and the Federal Housing Finance Agency, which oversees them, for violating a state law designed to help troubled borrowers remain in homes they are losing to foreclosure.

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Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters.

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