Violation Tracker Individual Record

Company: 
Fannie Mae
Current Parent Company: 
Fannie Mae
Penalty: 
$12,000,000
Year: 
2008
Date: 
March 3, 2008
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
consumer protection violation
Violation Description: 

The New York Attorney General announced an agreement with Fannie Mae and Freddie Mac requiring them to only buy loans from banks that meet new standards designed to ensure independent and reliable appraisals. Each also agreed to contribute $12 million toward the cost of operating a new organization promoting those standards.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
District of Columbia
Ownership Structure of Parent: 
government sponsored & publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
secondary mortgage market
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.