The Federal Housing Finance Agency is reported to have subpoenaed firms that are revealed to have transferred its mortgage-backed securities to Fannie Mae and Freddie Mac. The step is deemed to be in line with the regulator's bid to discern whether issuers can be considered responsible for losses on the debt.

FHFA today posted in a news release that it had issued 64 subpoenas concerning loan files and transaction documents.

The U. S. is seeking to determine whether errors or omissions might oblige issuers to repurchase loans, FHFA highlighted.

"By obtaining these documents we can assess whether contractual violations or other breaches have taken place leading to losses for the enterprises and thus taxpayers", FHFA Acting Director Edward J. DeMarco posted in a statement.

The Federal Government rose to exercise its power on the companies in 2008 following the collapse of the U. S. mortgage market that landed them in the troubling waters of insolvency.

They have been surviving solely on the back of unlimited Treasury Department aid that has extended $145 billion for the companies till date.

FHFA has uncovered that documents were being pondered over in a view to ensure securities in line with the agency reviewing plans. However, FHFA refused to reveal the names of the companies being served subpoenas.