As you all may know, the shareholder was me, Nye Lavalle, and it was my constant badgering of Fannie’s CEO, board and others that finally got some action, while no results. There were many others warned personally by me in phone calls and in person during shareholder meetings and meetings with officers. They include William Harrison and Jaime Dimon JPMorgan Chase & BankOne as they merged and I opposed merger; Ace Greenberg, James Cayne, Mark Lehman and entire board of Bear Stearns; Ed Raice & Ralene Ruyle of EMC Mortgage; Kerry Killinger, Faye Champman, William Lynch and entire board of WAMU, Partners at Deloitte & Touche, Strook, Strook & Lavan, Fulbright & Jaworski, Erby, Koches and others at Ocwen; the Littons at Litton, the U.S Justice Dept, FTC, and SEC (Arthur Levitt); many at OFHEO, Freddie’s Mudd and Syron, Merrill Lynch, and many, many more. More than willing to provide my tapes, docs, emails, reports, and any affidavits anyone needs for regulators or media. More CEOS are being warned by me today of their frauds and abuses and I will have more reports for you all in the coming weeks on Fannie, Freddie, Chase, Fed Home Loan Banks, Ocwen, Fifth Third Bank, Reliance Bank, FDIC, U.S. Bank, SPS, and many others…. Very damning info!!!
Thanks to Gretchen, Nick, and everyone covering this story. It’s been a long time coming, but I am glad the message is getting out there. When we disclose the patent reports and the Mens Rea and Scienter issues of fraud in coming weeks, this will explode more! They knew exactly what they were doing and even patented the methods and devices of their frauds!!!
We need to focus on those who knew and turned a blind eye to the fraud they knew existed!!!
Gretchen’s story below….
Fannie Mae Knew Early of Abuses, Report Says
Fannie Mae, the mortgage finance giant, learned as early as 2003 of extensive foreclosure abuses among the law firms it had hired to remove troubled borrowers from their homes. But the company did little to correct the firms’ practices, according to a report issued Tuesday.
Only after news reports in mid-2010 began to describe the dubious practices, like the routine filing of false pleadings in bankruptcy courts, did Fannie Mae’s overseer start to scrutinize the conduct. The report was critical of that overseer, the Federal Housing Finance Agency, and was prepared by the agency’s inspector general.
In one notable lapse, even after the agency reported problems to Fannie Mae in late 2010 about some of the approved law firms, it did not request a response from the company, the report said.
“American homeowners have been struggling with the effects of the housing finance crisis for several years, and they shouldn’t have to worry whether they will be victims of foreclosure abuse,” said Steve Linick, inspector general of the finance agency. “Increased oversight by F.H.F.A. could help to prevent these abuses.”
You can check out the rest here…
And you can view the full report here…