It's been three long years since the GSE “buyback” wars commenced in earnest, and you would think by now the worst might be over. Well, think again.

Fannie Mae and Freddie Mac have hired outside contractors and attorneys to press their claims against their largest seller/servicers — firms that sold now-defaulted mortgages to the GSEs during the industry's “go-go” years. So far, most of that activity has centered around Fannie/Freddie guaranteed loans.

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