Jackbooted Thugs | Fannie And Freddie Fail On Oversight of Foreclosure Contractors, Housing Agency Report Says

Fannie And Freddie Fail On Oversight of Foreclosure Contractors, Housing Agency Report Says

Fannie Mae and Freddie Mac failed to keep tabs on thousands of contractors hired to manage more than 1 million foreclosed homes, possibly exposing the mortgage giants to double billing or charging for work that was never done, according to an alarming Federal Housing Finance Agency report.

Problems identified in the report, issued by the FHFA’s inspector general’s office, include “inadequate property inspections” by contractors hired to manage the day-to-day maintenance on foreclosed properties, as well as “insufficient controls to detect fraudulent reimbursement” by Fannie and Freddie.

“It is a huge failing on behalf of the mortgage giants,” said Anthony Sanders, a real estate finance professor at George Mason University. But typical behavior, he said, “of a monopolist or someone with too much market share or too much power.” (Fannie and Freddie own or guarantee about 60 percent of all mortgages in the United States, and have an even greater share of most new home loans).

The report, released Thursday, was apparently based on information turned over by the FHFA following the inspector general’s earlier finding that the regulator didn’t inspect Fannie and Freddie’s foreclosed-home program for more than three years, even as inventory stacked up at an unprecedented pace.

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6 Responses to “Jackbooted Thugs | Fannie And Freddie Fail On Oversight of Foreclosure Contractors, Housing Agency Report Says”
  1. Get over it move on they say! Easier to do if a younger person. Retired? Disabled? Lost $413000 cash not I owe u loans! Do u really think I can just go out and purchase a new home on limited income(ssd) and destroyed credit??! Just whst were you thinking? No help for those that owned more than one home??? Without children? Minoritys only?? Once upon a time children grown now!! Minority?? Just take a look at the differences in loan processing if single? And injured? Unable to tell when u can go back too work?? Oops! No modification for you. Sold homes to groups of investors? All loans repurchased by Federal??? Thought that would save you?

  2. This is nothing new. In California personal belongings taken. Lied to absolutely no recoarse. Notified gov office local police and city major real estate agents. Didnt matter if laws were broken. Homeowners were emotionally destroyed. Retirees lost everything. Not one law firm offered help. Contact bank, hud. Fair housing? U must be kidding! All in bed together. Fighting and observing thu s since 2008 final foreclosure 6 2012 .And just who receives a check?! Very funny!! You all make me puke! Like it mattered!! No scruples! Refused the presidents direction then lutenant govenor and even the Californua Govenor Brown! District Attorneys out of Monterey County! Statement made 2013!!! Nothing chsnged their word agsinst homeowners?? Did u even check it out? Most likely questioned your lying field representatives! Money talks! Integrity walks! Bullys all if you take a hard look nothing has changed!

  3. Anynomous says:

    I just found out I had 22 property inspections in less then 3 years. That might not be unusual EXCEPT that 19 of them occurred without even being late on a single payment and without ever being in foreclosure…!

  4. Bobbi Swann says:

    OMG! The latest “Affidavit of Amounts Due & Owing” filed by the attorneys for the Plaintiff in my foreclosure shows $100 payments every 3 days for “home preservation”….Really? I take care of the home, recently painted and new floors…but they are paying out $100 every 3 days and have so far for the last 24 months!!!! Add it up….that’s a huge amount….nearly $25,000 in fees!!!! Filed a rebuke with the Courts and then will file a Motion to Produce asking for proof of the so-called ‘preservation’…..There has not been one single person on this property doing anything but ME. They really think they can just “POOF” make up shit on an Affidavit that is submitted to the Courts???? This just makes me fight even harder!!!!!

  5. old news had a friend trying to report since 2008 only persons they audited was him? so go figure; and the games continue and the homeowners, and little persons with more than one home are totally screwed and quite frankly scarlet they don;t get a dam

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