Follow-up on Freddie Mac’s Loan Repurchase Process
FHFA and Freddie Mac have acted on the concerns raised in FHFA-OIG’s report by adopting a more expansive loan review process. Specifically, Freddie Mac changed its policies to review for potential repurchase claims significantly larger numbers of loans that defaulted more than two years after origination.
It is estimated that the more expansive loan review process will generate additional recoveries ranging from $0.8 billion to $1.2 billion for loans selected for review in 2012 and $2.2 billion to $3.4 billion overall. Because these recoveries had not been anticipated and accounted for, the added revenue will increase Freddie Mac’s profits and hence the amount paid to the U.S Department of the Treasury (Treasury).
Full report below…
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4closureFraud.org
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Follow-up on Freddie Mac’s Loan Repurchase Process
where is the sista (Fannie) big butt in this fiasco? or is that the real money maker still fleecing the slaves hummm no child left behind at work here??? just saying bring on the real change all if this is slow motion
Freddie is on the right track. Now they need to review the loans that have not defaulted that were sold to Fannie and Freddie that don’t meet the requirements. Make the banks buy all of those loans back also, if the documents are not correct or if the file does not meet purchase requirements. Let the billions roll in! $$$$$$$