(Bloomberg) Fannie Mae and Freddie Mac (FMCC) may have lost more than $3 billion tied to the rigging of a key interest rate, according to internal memos by the auditor of the Federal Housing Finance Agency.

Inspector General Steve A. Linick urged FHFA Acting Director Edward J. DeMarco in a Nov. 3 memo that has not been made public to investigate the potential losses tied to manipulation of the London Interbank Offered Rate.

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