Fannie Arbitration Guidance Coming Soon?

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.