"We'll still employ New York residents, and we'll still continue to do mortgage loans in New York, of course, the source continued. But we are going to eliminate our physical presence. And to the extent that we have leases, we are going to be subleasing those, a source close to the Federal Housing Finance Agency (FHFA) told the news outlet."
"The U.S. Department of Justice conducted a criminal investigation in May related to James's alleged mortgage fraud, which followed a criminal referral by FHFA Director Bill Pulte in April. Pulte's referral also pointed to past questions about James's real estate holdings, including a 2001 Brooklyn property with conflicting occupancy records and a 2023 Virginia home purchase. James has denied wrongdoing, saying her mortgage agreements complied with requirements and did not obligate her to use the Virginia home as a primary residence."
"Her defense contends that any issues amount to paperwork errors and her attorney, Abbe Lowell, has called the allegations political retribution. James, who campaigned for attorney general in 2018 on a pledge to pursue legal action against President Trump, has frequently clashed with the president. Her office filed nearly 100 lawsuits against his administration and said after his 2024 election victory that it would continue to challenge his policies in court to defend New Yorkers' rights and the rule of law."
GSEs will eliminate physical office presence in New York, sublease leased space, continue employing New York residents, and keep making mortgage loans in New York. The timing of office closures and the fate of employees is unclear. Press contacts for the GSEs and James's office did not immediately respond. The U.S. Department of Justice conducted a criminal investigation in May related to James's alleged mortgage fraud following an April criminal referral by FHFA Director Bill Pulte. The referral flagged questions about a 2001 Brooklyn property and a 2023 Virginia home purchase. James denied wrongdoing, called issues paperwork errors, and her attorney labeled the allegations political retribution.
Read at www.housingwire.com
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