Fannie Mae is expected to issue guidance on mandatory arbitration clauses within three weeks, sources have told MortgageWire.However, Fannie Mae officials have not set an effective date yet. A Fannie spokeswoman declined to confirm the timing, but she said the guidance will be issued "very soon." Freddie Mac implemented a ban Aug. 1 on MACs in the subprime loans it purchases. However, the secondary-market agency did not provide any guidance, which has angered lenders. "We are certainly talking to the industry about mandatory arbitration," a Freddie Mac spokesman said. The result of those talks will determine whether guidance is needed, he said. Fannie Mae can be found online at http://www.fanniemae.com.
Processing Content
