Cramer says Cuomo is making it harder for you to get a loan
Cramer says he will shut down the mortgage market. "Listen Washington Mutual stop lending!"
AG Cuomo announced November 7 he was expanding his probe into the mortgage industry by sending subpoenas to Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) and urging them to conduct a total review of all Washington Mutual Inc. (NYSE:WM) appraisals and mortgages they purchased.
“Why doesn’t he just destroy any opportunity we have to move the $1.25 trillion in houses that are just sitting on the market right now?... Last week, Cuomo filed a suit against First American Corp. (NYSE:FAF) and its “eAppraiseIT” unit for “allegedly colluding with Washington Mutual to use a list of preferred appraisers to artificially inflate mortgage appraisals.”
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