Fannie Mae has begun to move into its new headquarters at Carr Properties 862K SF Midtown Center development, featuring large outdoor public spaces and retail.
The SEC and Justice Department have indicted Morgan Management for defrauding lenders and running a Ponzi scheme in the largest such case since the recession.
The Treasury Department's reform plan includes a provision to block Fannie Mae and Freddie Mac from lending to markets with rent control regulations.
Fannie Mae provided a $2.4B credit facility for the portfolio of 67 properties totaling 22,439 units.
A court is forcing Robert Morgan to pay back $63M to investors he allegedly defrauded in a Ponzi-like scheme.
The government-backed mortgage purchaser increased audit requirements and new due diligence for first-time borrowers following two high-profile fraud cases.
The conspiring investors have been charged and are awaiting sentencing, CFO Karen Brennan said.
Fannie Mae said in court filings an apartment owner defaulted on its $61.5M mortgage tied to a pair of buildings where hundreds of violations have been filed.
Investors Fred Schulman and Moshe Silber were sentenced to prison last April, but the court had yet to determine the amount they would pay in restitution.
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