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Fannie Mae (OTCQB:FNMA) teamed up with AI software company Palantir (NASDAQ:PLTR) to expand its fraud-detection capabilities using AI-enabled crimes data science and investigation technology, the companies said on Wednesday.
The technology will power Fannie Mae’s new Crime Detection Unit, a platform that the company believes will help detect and prevent mortgage fraud faster and with more precision than before.
“In partnership with Palantir, Fannie Mae’s Crime Detection Unit will increase safety and soundness by rooting out bad actors in our housing system. This cutting-edge AI technology will help us find criminals who try to defraud our system,” said Fannie Mae Chairman William J. Pulte.
Fannie Mae (OTCQB:FNMA) has more than $4.3T in assets and is the largest holder of residential mortgage debt outstanding in the U.S., owning or guaranteeing an estimated one in four single-family mortgages,and 20%of multifamily mortgages in the U.S., the company said.
Palantir Technologies (NASDAQ:PLTR) stock gained 1.3% in Wednesday morning trading.
Fannie Mae (OTCQB:FNMA) stock rose 8.8%, and fellow GSE Freddie Mac (OTCQB:FMCC) surged 12% in Wednesday trading after President Donald Trump said late Tuesday that he’ll take the two companies public.