Robo-signing slows Fannie, Freddie foreclosure sales

Mortgage giants' REO inventories saw double-digit growth in 2010

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Loan servicers working for Fannie Mae and Freddie Mac drastically slowed the pace of foreclosure sales during the fourth quarter, largely due to moratoriums on foreclosures initiated during the "robo-signing" controversy, federal regulators said in a report released today.

Third-party and foreclosure sales of Fannie and Freddie homes fell 44 percent from the third quarter to the fourth, to 76,645 homes, the Federal Housing Finance Agency said in the report.