We’re Concerned Too, Fannie

Pet Peeve:  I said it before (see previous post Paperwork Error My As*!) and I’ll say it again. The following are NOT mere paperwork errors: (1) lying in an affidavit or acknowledged and recorded document about your title/role at an entity on whose behalf you claim to be signing; (2) lying about personal knowledge (and your competency as a witness) in a sworn statement; (3) trumping up false transfers to effectuate foreclosure and attempt to breach gaps in the chain of title.

Nice spin with the “paperwork” label, guys.  These are substantive issues of fraud, or gross negligence by the more “innocent” parties.  Servicers are giving the orders, folks.  The mills do not act alone. 

From WaPo article yesterday:

Fannie vice president Terry Edwards said Friday that he’s “disturbed” by the reports that the servicers failed to follow proper procedure while Freddie’s Bruce Witherell, the company’s chief operating officer, said the company “is deeply concerned” about them.

Fannie and Freddie, which together own or guarantee more than half of the $11 trillion mortgage market, have not been been forthcoming with information about the extent to which the problems at Ally Financial and J.P. Morgan affect them and they didn’t offer any more insight Friday.

The Federal Housing Finance Agency, which regulates Fannie and Freddie and 12 federal home loan banks, said it has directed the firms “to work collectively to develop and implement a consistent approach to address any problems.” The U.S. government owns almost 80 percent of Fannie and Freddie.

“Our goal is to assure the integrity of the foreclosure process and to see that any corrections in processes be tailored to the problem, protecting the rights of borrowers and investors without causing any undue disruption to the mortgage markets,” the FHFA said in a statement.

Ed.: uh huh.  Well, this contradicts all of your previous behavior but you always have been a flighty shrew, Fannie.


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