IG Report: FHFA Not Ensuring that Mortgage Servicers Tell Borrowers About Forbearance

The Federal Housing Finance Agency is doing nothing to ensure that mortgage servicers inform borrowers of federally backed mortgages that they have a right to forbearance as they deal with the economic impact of the coronavirus crisis, the agency’s Inspector General said this week. The agency has delegated responsibility for monitoring mortgage servicers to Fannie Mae and Freddie Mac, which reported that they are not ensuring compliance with the rule. In the report, the two agencies are referred to as “the enterprises.” “The Enterprises reported to us that they have not asked any servicer to demonstrate compliance with the CARES