"We are shutting down the two New York offices for Fannie and Freddie as a result of Letitia James' corrupt and dangerous business practices in the state."
A source in the Federal Housing Finance Agency (FHFA), which oversees government-sponsored enterprises such as Fannie Mae and Freddie Mac, told Fox News, "We are shutting down the two New York offices for Fannie and Freddie as a result of Letitia James' corrupt and dangerous business practices in the state."
"We'll still employ New York residents, and we'll still continue to do mortgage loans in New York, of course. But we are going to eliminate our physical presence. And to the extent that we have leases, we are going to be subleasing those," the source added.
The move comes after the Department of Justice opened an investigation into mortgages taken out by James. FHFA chief Bill Pulte sent a criminal referral to the DOJ back in April regarding claims that James had falsified mortgage documents to obtain more favorable terms. A home James purchased in 2023 in Norfolk, Virginia, is at the center of the investigation, after James allegedly identified the home on mortgage documents and a Fannie Mae/Freddie Mac form as her primary residence. As an elected official in New York, James is required to live in the state.
On the campaign trail in 2018, James vowed to aggressively pursue Trump. Nearly 100 legal challenges were brought against Trump’s first administration, and she vowed after his second election win to continue challenging him in courts to "defend the rights of New Yorkers and the rule of law."
In August, an appeals court threw out a nearly $500 million civil fraud judgment against Trump, members of his family, and his company, with the court saying that while the New York Supreme Court and James "correctly found defendants liable," the harm "was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State."
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