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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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?
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!
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…!
When you can get a100 billion dollar bail out, by not supervising your subcontractors, where is the incentive to check for accuracy in billing? JP Morgan Chase just sent me a copy of a force placed home owner insurance policy, placed on my home for $7,707.65 on 12/28/09. The problem is my house sold 11/02/09. JP Morgan even back dated this policy to my closing date. I would not have believed it but they mailed me the policy. How much of the 100 billion bail out that Fannie Mae received was for real expenses as JPM said they were servicing my loan for Fannie Mae. What part was rackateering and what part was pay to play? When is someone going to bother to expose the entire truth about the Fannie Mae bail out? The American people deserve better and will remain without faith in the system until this happens. With 65 OCC investigators assigned to JP Morgan Chase full time, where are the specific findings? Where are the rules to fix the problems? Where is the 60 minutes story on force placed insurance? I have two more force placed insurance stories that would blow your mind but not enough characters left in this posting. But I would like to close by saying all but two numbers, provided to the closing agent, from JP Morgan Chase, were over stated, when my house sold. This is more than “failing on oversight” and I see this as the first step in sweeping this problem under the rug and down playing it’s significance. Get to the bottom of the problem and I would start with what % of the 100 billion tax payers gave to Fannie Mae was for inflated expenses and what % were for expenses that did not even exist. The inspector general is making Fannie Mae look like a poor victim “possibly exposing the mortgage giant to double billing”. Do you really think that Fannie Mae would not have checked to see if their servicers over stated their bills when they were 100 billion short of paying the bills unless they were involved?
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!!!!!
If you send it over I’ll put it up. Redact if you like.
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