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Massachusetts attorney general follows through on threat, sues FHFA
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Massachusetts Attorney General Martha Coakley filed a lawsuit in Suffolk Superior Court June 2 against the Federal Housing Finance Agency (FHFA) over alleged violations of Massachusetts state laws pertaining to nonprofit organizations’ authority to purchase foreclosed upon property and resell it to the former homeowner.
Coakley sent a letter to Mel Watt, FHFA’s director, in May threatening legal action if the government entity refused to revise policies that prohibit Massachusetts nonprofit organizations from helping foreclosed upon homeowners’ buy their homes back, HousingWire reported.
“Our office is considering all available legal avenues, including litigation, to ensure compliance with Massachusetts law, should FHFA fail to promptly amend its policies to allow Fannie Mae and Freddie Mac to participate in credible buyback programs,” Coakley’s letter read.
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