Some of the credit unions that had mortgage loans fraudulently sold to Fannie Mae by the new defunct U.S. Mortgage Corp. have begun lobbying Congress in an attempt to recover their money.
Alfred Scipio, CEO of the $161 million Treasury Department FCU is serving as chairman of the group of 16 of the 26 credit unions which charged that Fannie Mae bought stolen property when it purchased mortgages that the credit unions said had been moved out of their mortgage portfolios without their knowledge.
"It's really very simple," Scipio said "Fannie Mae is in possession of stolen property and they should give it back."
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The group has begun a round of meetings with legislators and their staffs in an attempt to bring pressure on Fannie Mae to restore $125 million in mortgage loans the credit unions say was stolen. "We know which mortgages were stolen and Fannie Mae knows what happened to them," Scipio added.
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