Fannie Report Warned of Foreclosure Problems in 2006
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This is a problem. foreclosures it seems there’s no end in sight regarding repurchase claims from government sponsored entities, Fannie Mae and Freddie Mac. BofA hasn’t been sure what to expect out.
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A government watchdog says that Fannie Mae was warned about alleged foreclosure abuses in 2003, but did not take action to halt them, the Associated Press reports. In a report being released Tuesday, the inspector general for the Federal Housing Finance Agency says that the warning came from an unnamed shareholder.
WASHINGTON (Reuters) – Fannie Mae was warned in a 2006 internal report of abuses in the way lenders and their law firms handled foreclosures, The Wall Street Journal reported on Thursday.
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The bush adminstration in 4/2001 raised red flags, the 2002 budget requests declares fannie mae and Freddie Mac "Potential problem.. and can cause strong repercussions in the financial markets" In.
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fannie mae/freddie mac home mortgage documents interpreted as nonrecourse debt (with poetic comments lifted from carl sandburg) john mixon* i. lawyers (but not home mortgage borrowers) know the difference between recourse and nonrecourse debt
See also Lavalle’s 21st Century Loan Sharks Report, Predatory Grizzly "Bear" Attacks Innocent, Elderly,Poor, Minorities, Disabled & Disadvantaged!, After The Storm as well as Bear Stearns and EMC Mortgage to Pay $28 Million to Settle FTC Charges and Fannie Report Warned of Foreclosure Problems in 2006 (WSJ 3/25/2011).
Fannie and Freddie's Foreclosure Barons. How fishy foreclosures earned millions for lawyers like David J. Stern-and made.. Freddie Mac Designated Counsel, Memo to Law Offices of David J. Stern, March 2006.. assistants, even warnings about when a certain judge was cranky and having a bad day.
Blast from the past: Fannie was warned of foreclosure problems in 2006 internal report Fannie Mae was warned in a 2006 internal report of abuses in the way lenders and their law firms handled foreclosures, long before regulators launched investigations into the mortgage industry’s practices.