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Fannie, Freddie Regulator Says Review Isn’t ‘Pursuing Anybody’

The regulator overseeing Fannie Mae and Freddie Mac said his agency’s review of subpoenaed records doesn’t mean it is “pursuing anybody” for selling bad loans to the U.S.-backed mortgage giants before the credit crisis.

The Federal Housing Finance Agency’s review of documents sought by 64 subpoenas in July is simply looking for errors or omissions that could compel lenders to bear losses, Edward J. DeMarco, the regulator’s acting director, told a House Financial Services subcommittee at a Washington hearing today.