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Should The Hvcc Settlement Be Treated As An Agency Rulemaking?, Ted C. Koshiol
Should The Hvcc Settlement Be Treated As An Agency Rulemaking?, Ted C. Koshiol
Ted C. Koshiol
Abstract On March 3, 2008, the New York Attorney General’s reached an important settlement with Fannie Mae, Freddie Mac, and the Office of Federal Housing Enterprise Oversight. Under the terms of the agreement, Fannie and Freddie agreed to only purchase mortgages from banks that would abide by a new set of appraisal standards. Observers immediately recognized that the impact of the agreement would be widespread, effectively imposing new rules on every mortgage lender in America. The scenario raises a novel legal issue: is a settlement agreement always an adjudicatory action, or are there instances where it should be required to …