Fannie Mae was warned in a 2006 internal report of abuses in the way lenders and their law firms handled foreclosures, The Wall Street Journal reported on Thursday.
· Freddie Mac Losses Mount, Warns of Foreclosures. ominous news for taxpayers who are footing the bill to rescue the mortgage finance company and its sibling Fannie. This is a major problem.
fannie mae/freddie mac home mortgage documents interpreted as nonrecourse debt (with poetic comments lifted from carl sandburg) john mixon* i. lawyers (but not home mortgage borrowers) know the difference between recourse and nonrecourse debt
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· fed chair bernanke warns Foreclosures Could Sink US Economy – Is He Threatening Lenders? Posted on May 5, 2008 | Leave a comment In a speech today at the columbia business school, Federal Reserve Chairman Ben S. Bernanke issued his strongest warning to date about the danger of the rising tide of home foreclosures sinking the US economy.
As Florida’s top prosecutor continues to investigate the state’s law firms for improper foreclosure work, a report has surfaced showing Fannie Mae was warned in 2006 of abuses in the way lenders and their law firms handled foreclosures, according to the Wall Street Journal.
direct conduct by Fannie Mae that he considers harassing. We have reviewed more than 1,500 pages of documents provided by Mr. Lavalle to Fannie Mae or us directly and had 17 conversations with him. We have identified six general areas of his concerns: ( 1) foreclosure policies and procedures, (2) transparency, (3) protection of
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Fannie officials said they told a government official about the law firm’s findings in 2006. That unnamed official, who now works for Fannie’s regulator, the Federal Housing Finance Agency, said he couldn’t recall the conversation, the report says. Fannie began using a network of attorneys in 1997 to help handle foreclosures, evictions and bankruptcies. In 2008, the network grew to 140 law firms. And the number of foreclosures in Fannie’s portfolio reached historic highs. Foreclosures more.
lenders to instruct DU to disregard foreclosure information in the eligibility assessment on accounts that were also reported as a deed-in-lieu of foreclosure or a preforeclosure sale. With the DU Version 9.1 August Update the lender will now be able to instruct DU to disregard foreclosure information on the credit report for two