OFHEO Says It Will Help Cuomo's Inquiry
The regulator for Fannie Mae and Freddie Mac said it would help New York Attorney General Andrew Cuomo in an investigation of alleged mortgage fraud, Sen. Charles E. Schumer (D-N.Y.) said.
Cuomo is seeking information on whether home loans purchased by District-based Fannie Mae and McLean-based Freddie Mac are based on bogus property valuations.
James B. Lockhart III, director of the Office of Federal Housing Enterprise Oversight, said the agency would try to "accelerate the process" of gathering information from the government-chartered companies to send to Cuomo's office.
Sallie Mae Appoints General Counsel
Sallie Mae named Michael E. Sheehan general counsel, replacing Robert S. Lavet, who resigned from the Reston student-loan company last month. Sheehan joined the company, formally known as SLM Corp., in 1992 and previously led the legal work on corporate finance transactions and securities matters, Sallie Mae said.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.