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Regulator faults Cuomo in N.Y.

In Brief / THE ECONOMY

November 09, 2007|From Times Wire Services

The federal regulator who oversees Fannie Mae and Freddie Mac accused New York's attorney general of overstating risks the mortgage finance companies face from faulty home appraisals.

James B. Lockhart, director of the Office of Federal Housing Enterprise Oversight, sent a letter to Atty. Gen. Andrew Cuomo a day after he subpoenaed government-sponsored Fannie and Freddie in a probe of inflated appraisals.

Lockhart objected to what he called Cuomo's demand that Fannie Mae and Freddie Mac restrict their business with a bank.

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