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Fannie, Freddie Cast Wider Net in Bad-Mortgage Repurchases

Fannie Mae and Freddie Mac are increasingly demanding sellers repurchase mortgages that default years after they were made and buy back recent loans that aren’t even delinquent, according to PHH Corp., the sixth-largest U.S. home lender.

“They’re casting the net wider,” Luke Hayden, head of PHH’s mortgage unit, said in an interview yesterday at the Mortgage Bankers Association’s annual conference in Chicago.