Things aren’t Okay at Fannie Mae

By William Hudson

Despite what they may claim- Fannie Mae does not own any note that was previously securitized. The trust does (or is supposed to anyways). Fannie Mae, by their own admission, owns nothing. Fannie Mae acts as a guarantor (insurer) but often forecloses in its own name or a servicer’s name, thus deceiving the court. Fannie Mae’s secondary job is acting as a debt collector for the federal government.
The federal government is well aware of this fraud and has gone to epic efforts to conceal an 11,000-document cache of government communications relating to financial policy. Whatever is contained in this document cache is so toxic that the Obama administration invoked executive privilege over these documents and insisted that their release would “impact” global financial markets. Last week some of these materials were unsealed. Federal judge Margaret Sweeney said the government’s sole motivation was to avoid embarrassment.

“Instead of harm to the Nation resulting from disclosure, the only ‘harm’ presented is the potential for criticism,” Sweeney wrote. “The court will not condone the misuse of a protective order as a shield to insulate public officials from criticism in the way they execute their public duties.” The federal government does not want you to hear about the details surrounding the seizure of mortgage giants Fannie Mae and Freddie Mac, also known as the government-sponsored enterprises, or GSEs.
The documents allegedly reveal issues regarding the assets and financial power of zombie-debt holding GSEs. Fannie and Freddie’s quasi-private status where funds were originally intended to keep credit flowing in the housing markets- were instead used in a sleazy mortgage backed scam  engineered by the big banks. Fannie and Freddie were turned into the vultures of the housing implosion and bought up toxic mortgages that the big banks were desperate to unload. The big banks packaged their road kill and sold to the GSEs.

In 2008, Treasury Secretary Hank Paulson was directing Fannie and Freddie to “buy more mortgage-backed securities from overburdened banks.” In 2008 after being placed in receivership, Fannie and Freddie purchased almost $40 billion in zombie assets per month from private banks. Although Fannie and Freddie bailed out the big banks, they were also bailed out by tax payers.

In the original take-over $110 billion was provided and Fannie and Freddie were placed into conservatorship. In exchange, the fed received an 80 percent stake and the promise of future dividends. However, a few years after the crash, the housing markets had improved and Fannie and Freddie were once again profitable. The government then unilaterally changed the terms of the bailout agreement. Instead of taking a 10 percent dividend, the government changed the term to 100 percent. The Federal Housing Finance Agency (FHFA) that manages the GSEs explained the new terms and justified their decision as a way to “ensure stability [and] fully captures financial benefits for taxpayers.”

The government would justify the drastic change in the bailout terms by explaining that the GSEs faced enormous credit losses that may have resulted in the failure of the GSEs. Furthermore the Treasury claimed the would need to provide more tax payer money and possible insolvency, and yet the GSEs were actually on the verge of profitability. The GSEs paid back the federal government $228 billion over the next three years. This resulted in an overpayment of $40 billion more than they owed, but NONE of that profit went towards paying off Fannie and Freddie’s debt. The US Treasury would then claim that the bailout was not a loan but an “investment”. WHAT? The GSEs could not exit conservatorship because they were not permitted to pay back the loan and were unable to “exit” the contract.

Whereas banks that received bailouts during 2008 (voluntarily or by force) were allowed to pay off the loan and exit their agreement with the government, Fannie and Freddie were prevented from doing so and became a fascist federal government entity. In doing so the federal government can play either the private corporation angle, or the governmental entity depending on what best serves their self-interests. For example freedom-of-information requests do not apply to Fannie Mae, and on the other hand Fannie Mae will never answer a Qualified Written request because they are not a lender under the Truth in Lending Act.

Lawsuits have ensued as Fannie and Freddie investors become perturbed that their investments are not paying off. The government refuses to provide any information in Discovery for the plaintiff/investors (just like they stonewall consumers). This level of secrecy is usually for cases involving national security situations or proprietary business secrets. Fannie Mae and Freddie Mac are shady enterprises that resort to secrecy to commit their nefarious activities. What could possibly require such secrecy? The government is profiting from Fannie and Freddie’s payment stream that is based on a bunch of empty trusts- why not protect it?

Seven documents unsealed by Judge Sweeney last week demonstrate that the government knew the GSEs weren’t insolvent and profitable before the bailout terms were changed. As usual, the government is deceptive about their actions and intentions. Within the documents released was information about the future reorganization plans for Fannie and Freddie. The private sector is involved in the proposals for reform and you can guess what that means. The homeowner/taxpayer will get the proverbial shaft. Likely, the too-big-to-fail banks would take control of Fannie and Freddie assets. Who better to table fund loans that are guaranteed by Fannie and Freddie, while foreclosing on Notes that Fannie and Freddie claim to own when they don’t? The incompetence and deceptive practices of the banks know no bounds.

So what is the government going to such great lengths to conceal? Judge Sweeney has yet to rule on the vast majority of the documents, and it is unlikely the remainder of the material will be unsealed (the banks and courts will conspire to make sure that doesn’t happen). It is very strange that Obama and crew are asserting privilege over documents that really shouldn’t be any big deal- unless there’s a backstory going on that is so potentially volatile that it must be handled like a top-secret nuclear document (and probably is equally explosive).

If the federal government believes they made a sound investment they may want to rethink their strategy. Fannie Mae has reported that their investment portfolio — once the majority stream of its revenue — experienced a rapid decline in the first quarter of 2016, but executives are now claiming they will focus on other areas of growth in the future.

Apparently government-sponsored enterprise’s (GSE’s including Fannie Mae and Freddie Mac) holdings of mortgage-backed securities (MBS) and mortgage-income producing assets fell below $200 billion. MBS income has decreased because of defaults, lawsuit expenses and low interest rates among other expenses. However, this is nothing compared to what is coming when the second wave of defaults occur (2008 Part II).

Fannie Mae executives must be aware that the MBS portfolios they hold are worthless and are therefore reducing their exposure. “Today we have wound down the investment portfolio from a historic high of $900 billion to less than $200 billion with further reductions underway,” said Timothy Mayopoulos, the GSE’s chief executive, during an earnings conference call Thursday.

Although Fannie Mae contends that these holdings are still profitable, dependency on these investments resulted in volatile earning reports, interest rate fluctuations and of course hedging strategies that take advantage of volatility. Fannie plans to shift to loan guarantee fee income from its single-family and multifamily businesses, thus insuring themselves against their own MBS insurance policies. “It is a stable source of revenue and much less subject to interest rate and market volatility,” Mayopoulos commented.

In the first quarter of 2016 Fannie generated $3.2 billion in single-family guarantee income. Multifamily guarantee income totaled $333 million in both quarters. In order to bring in these numbers Fannie Mae has had to lower single family borrower loan standards and further decrease down payment amounts to 3% (that can be provided as a gift).

Overall, Fannie Mae (aka the federal government) posted $1.1 billion in net income for the first quarter, compared to net income of $1.9 billion in the first quarter of 2015. Despite the fact that home ownership levels are at 1967 levels, Mayopoulos said he expects Fannie will “remain profitable on an annual basis for the foreseeable future.” Mayopoulos must be oblivious to the fact that Fannie Mae’s non-lender status is now known, home default levels are rising again, and lenders are becoming desperate to induce borrowers to purchase homes. Last week Barclays bank announced they would be reintroducing zero-down mortgages, with other big lenders soon to follow.

Fannie Mae was able to post a profit but Freddie Mac issued its earnings on Tuesday and reported a $200 million loss. This loss raised shed light on the fact that a reduction in the investment portfolios and the new emphasis on risk sharing transactions will reduce the GSEs’ earnings potential. Both GSEs are in still in conservatorship and are considered undercapitalized for their size. As stated above, conservatorship is unnecessary.

Fannie has a net worth of $2.1 billion, compared to Freddie’s $1 billion. Mayopoulos noted that the GSEs have a line of credit with the U.S. Treasury (in case they need a quick bailout). Two albatross-mortgage companies who have proven they can’t properly manage their business operations are extended more credit on behalf of the US tax payer? Wonderful.

Once Mayopoulos stood on his pulpit, he couldn’t be stopped :”We try to keep credit standards high so as to minimize losses. We have been aggressive in addressing loss mitigation when loans go delinquent,” he added. Yes, Fannie Mae has been aggressive in their loss mitigation practices having instructed servicers to fabricate documents, create fake affidavits and create inauthentic chain of assignments. Credit standards have been lowered considerably in the last year as the housing market has started to stagnate. Borrowers can now obtain financing with lower credit scores and no out-of-pocket down payment thanks to the geniuses at Fannie Mae.

The serious delinquency rate (90 days or more past due) on Fannie loans has been declining since 2010. Its $2.8 trillion single-family loan guarantee portfolio had a 1.44% serious delinquency rate as of March 31 and 55% of its delinquent loans were originated in 2005 through 2008. However, this may all soon change. Large U.S. companies report that job cuts were 35 percent higher in April than in March. So far this year overall, job cut announcements are running 24 percent higher than for the exact same period in 2015. U.S. firms are laying off people at a rate that we have not seen since the last financial crisis. People without income do not buy homes. Here is what Zero Hedge had to say about these latest numbers…

While one can debate the veracity of the BLS’ seasonally adjusted data, one thing is certain: when a company announces it will layoff thousands, it will. So for all those who suggest that all is well with the US jobs picture based on initial claims reports, here is the latest report from Challenger according to which the pace of downsizing increased in April jumped by 35% to 65,141 during the month of April, from the 48,207 layoff announcements in March.

Looking further back, in the first four months of 2016, employers have announced a total of 250,061 planned job cuts, up 24% from the 201,796 job cuts tracked during the same period a year ago. This represents the highest January-April total since 2009, when the opening four months of the year saw 695,100 job cuts in the aftermath of the biggest financial crisis in modern history.

These numbers will have a direct impact on the loans that Fannie Mae insures that tend to be moderately priced homes.
Fannie Mae claims that they manage credit risk by, “intelligently distributing it other market participants. We do this through capital market transactions, reinsurance transactions and other types of transactions,” he said. Basically they do this by creating derivatives and selling or repackaging worthless paper backed by empty trusts and kick the can down the road. This may be the reasoning behind all the secrecy. If Fannie Mae can properly re-securitize (there is no such thing) the MBS loans they guarantee- the government will make a handsome profit and then be able to hand off the responsibilities of Fannie Mae to private lenders in a dissolution type scenario. At this point you might find that Fannie Mae assigns a Note they don’t own to your current servicer (or a new servicer) in order to ‘perfect’ the assignment. In doing so then all the worthless Notes Fannie Mae holds would appear legitimate again. They wouldn’t dare you say? Oh yeah- they would and most people would be none the wiser.

Over the past two years, Fannie Mae states they have sold a portion of the credit risk on $590 billion of single-family loans, which represents 18% of its single-family guarantee portfolio. Those investors are taking a portion of the first-loss position and receive a share of the guarantee fees. Fannie Mae admits that they sell the guarantees to the MBS portfolios and that investors receive guarantee fees.



The illusions spun by Fannie Mae are even worse than those the private sector has managed to spin. Whereas private banks must reveal the true creditor and the trust that allegedly owns the Note- Fannie Mae doesn’t have to prove anything (they are not a lender under TILA). They simply claim they own the Note (even if the empty trust does) and stonewall the homeowner who is typically forced to take their word for it. Fannie Mae has been able to stonewall homeowners, investors, courts and taxpayers for way too long. The 11k cache of documents would reveal the wicked truth. Therefore you will never see the documents unsealed. Fannie Mae is allowed to exist in this quasi-public, quasi-private no man’s land where investors and taxpayers aren’t allowed to discern the truth. Obama’s promises of transparency are as translucent as a block of lead.

17 Responses

  1. DC… Agree ….we have no Organization … most of the public has no idea of the depth and degree of this mortgage/foreclosure crime and how the courts are continuing it to proceed against its victims.

    Most of the citizens are under the false illusion that we are just deadbeat homeowners who missed their payments …there is no understanding about what is really being played out regarding the criminal theft by the banks.

    Any organization will initially be met with disdain and ridicule until those people are educated about the complex crime taking place and how the courts are a big part of it. That will be the challenge. To consolidate all of the things we have learned and to put it into a brief, easy to read synopsis that is capable of telling the story in a quick way.

    People don’t have much patience to try and understand the big, tangled web of confusing layers associated with the scheme. But if we can condense it and start spreading it around ..maybe some media gets a hold or it and starts inquirering .

    One of the first targets of media scrutiny should be the judges in the courtrooms who are denying defendants their right to due process, trials, discovery, equal protection, etc.

    Another point for national exposure and scrutiny should be about how the courts have twisted TILA rescission for years, denying citizens protection under the law that was written for them. This story should be front page stuff…this is huge …it shows how courts have been working on behalf of the banks interests for years. Its unacceptable.

  2. They have a few things “We The People” are lacking,ORGANIZATION,if we had this we would march into our elected officials offices and relieve them of their post.
    They also have hundreds if not thousands of armed police,but they cant kill millions or even stop what “We The People”have a right to do.

    Their laws apply to them and their employees,not US,we our god given laws of many flavors but I mean we have let them do us like this and I cant say for sure I wouldnt do the same if no one was opposing or I wasnt worried about being harmed.
    Greed is a bitch,the love of “Things”,”Stuff”,look around as more people are losing their stuff yet we still cant organize.

  3. When last I posted something a couple of weeks ago (before yesterdays rant), there was a post directed at me by someone who mistakenly thought I was flaming Neil Garfield or Living Lies, who stated towards me that “I couldn’t carry Neil’s jock strap on a good day.”

    Let me first answer that I have the utmost respect for Neil Garfield. Few, if any, have seen through the thick tangle of this crime scene like Neil, and absolutely no one saw it as far back as he did. Years ago I read his blog believing that he just might be onto something, but that it could also be that he might just need heavy meds to cure his psychosis….Wall Street couldn’t possibly be up to what he was charging. Years later he’s proven his chops in spades as he’s been right on in every aspect of this crime spree.

    But as to the person who flamed me about my inability to carry Neil’s jock strap….I’m losing sleep with the riddle of the question that follows your statement….that is….if I couldn’t carry Neil’s jock strap on a good day, what would I be expected to carry on a bad day?

  4. @ Louise ,

    ” It is down below 50% now.”

    Too late for them to “see the light” ,, they will continue doing what they do and hope things recover for themselves… they don’t give 2 sh*ts about you or me.

  5. Reblogged this on California Freelance Paralegal.

  6. Yes, the scam keeps on keeping on, but I thought that when the judges’ and clerks’ pension plans get down to 25% of what they would have been, maybe somebody might start seeing the light and decide to throw a bankster or servicer/scum under the judicial bus. It is down below 50% now.

  7. I take exception to that story. The largest mortgage modification scheme ever was HAMP, and the ringleader is still in office. And for some strange reason, he’s still held in high esteem by many. Go figure.

    In my narrow world view, the current president (Obama), the future anointed one (Clinton), and the former idiot (Bush), should all be staring at lengthy prison sentences for crimes against the state, against humanity, and for being downright coddling to Wall Street, while turning their collective backs on the American people.

    If you should vote for me, I will swear an oath to keep Guantanamo open housing nothing but politicians present and past who have double-crossed the citizenry. It might need to be expanded. I’ll also legalize all drugs immediately. Party at my place post-inauguration. You’re all invited. Party on Garth.

  8. 31 million. Caught another scammer. Still wish it was my mortgage broker they went after instead.

  9. This explains more about why my loan that is allegedly owned by Fannie Mae allows no modification …the servicer wells Fargo tells me that Fannie Mae does not take part in any of the rescue plans.

    In the meantime the judge ignores my arguments about the fake note with the fabricated endorsement added that has no date, from Washington Mutual who is out of business .. The judge ignores my argument about the fake fabricated assignment with the forged signature of the notary and includes 3 known to robo signers…

    The judge ignores my TILA rescission that pre-dates the complaint and the assignment …

    The judge ignores the unanimous supreme court in jesinoski….

    Now the servicer has applied for Final Judgment after he granted them summary judgment ..saying there are no issues left to be litigated…

    The judge relies on a fake affidavit by the servicer employee that has no personal knowledge of the history of payments to the previous owner Washington Mutual …she only talks about a computer screen record of the current servicer wells Fargo …

    Every contested issue of material fact is ignored by the judge…

    He looks up from the bench with a dumbfounded expression on his face and says to me …”what are you talking about? Are you saying the banks are lying and fabricating documents? Where did you hear that? I don’t know what you’re talking about”

    I responded by reeling off all of the settlements, consent orders, the 50 States attorneys general wanting to prosecute, etc. Etc

    He gives me a look like he doesn’t understand.

    He grants them summary judgment.

    It’s a total joke to this judge …I’m a pro se and he’s having his fun by showing off in front of the lawyers in attendance.

    These hearings should be videotaped and shown to the world.

  10. I’m confused as to WHY– WE THE PEOPLE continue to allow the federal government and their shams to continue..from staged shootings…to lies about other countries…to total control over the mainstream media… to psyops and false flags …to staged geoengineering….to forgeries and fraudulent endorsements on mortgage notes etc etc etc..WHY do the people allow it? Stop providing them with your income taxes….STOP watching their fake news…STOP believing a word they say. Only then will things begin to change.

  11. Weeks turn into months, then years. And yet more folks wander onto this site looking for answers as to how this could be happening. “My house is set for foreclosure next month….but I found fraudulent assignments and the notary’s been dead for ten years! I’ve got them! What should I do next?”

    The long answer can easily be shortened now, as there’s no longer any doubt that the fix is in, and it’s not about shoring up anything relating to the huge land grab going on here in America as well as worldwide. The short answer is, buy a tent…..a good one….one that will withstand the elements, you know…. dual zippers for comfort. A rainfly will come in handy. A 5 gallon bucket will serve as your new bathroom. Next stop – Pottersville.

    As Yves Smith writes today:

    We’ve documented the consequences of the breakdown of legal standards on multiple fronts: lawyers first allowing their clients to ignore the securitization procedures set forth in their own contracts, followed then by factory-style foreclosures, including fabrication of affidavits and title documents on a mass scale. And rather than use the massive abuses as leverage to force mortgage servicers to provide more loan modifications, which for borrowers who still had some income, would have been a better outcome not just for them but also for investors, the Federal government and all but one state validated this pervasive misconduct and gave the mortgage-industrial complex a massive bailout in the form of the National Mortgage Settlement of 2012. Servicers continue to engage in abusive practices and are seldom punished. In credit cards and for medical debts, debt collectors, again with the assistance, make a business of buying invalid debt and collecting from consumers who don’t know how to combat their fraud.

    I remember years ago coming in here filled with excitement on my recent discovery of crimes so egregious as to totally nix the banks ability to get their hands on my house (a house which I built with my own two hands) due to a laundry list of serious infractions ranging from extremely unethical to downright in-your-face-fraud. But as is the case 100% of the time, not just occasionally, but always, the judge not only allowed the criminality, he condoned it. How can this be?

    While we slept, legislators across the land sold their souls (and everything we own), along with all things not tied down (even the tied down part is debatable) to the power elite with wads-O-cash. Need a statute rewritten? No problem, a simple donation to my campaign will grease the wheels of injustice.

    So, how can the bank attorneys hand courts across the land fraudulent documents time after time with absolutely no repercussions whatsoever? This little piece of universal legislation and accepted legal practice helped them out quite a bit:

    “Attorneys acting within the scope of employment are “immune from liability to third persons for actions arising out of that professional relationship.”

    Oh, I see. They’ve had legal protections put into place prior to the land grab. How convenient. Notice how that slimy piece of obvious injustice makes it impossible for you and I to call out their crimes. Now, why would a judge allow it, allow knowing false, manufactured documents into his or her courtroom? Why would the FBI and the DOJ not only ignore it, but obviously condone it? Not that old Too Big To Fail – Too Big To Jail excuse! It’s because they’re all working for the financialization/industrial complex.



    They’re rentiers, and they’ve found a way, through bribery, deceit, and open graft to make huge gains appear from the toil of others, without having to do anything themselves whatsoever. The ever increasing share of income going to financial assets is behind all of this; it’s not just a land grab, it’s mineral, wealth, water, fill in the rest of the blanks – grab. That governments, in lock-step, are condoning, even aiding and abetting, this setup shows without doubt their complicity, and thus reveals that the true causes of our lackluster growth, the ever-rising income inequality, and the lack of action on the most serious problem of all time i.e. climate change is a feature, not a bug. And, of course, the taking of homes by the millions. Securing their positions of power in the parasitic class is paramount to them. We’re simply the workers on whose backs lay the burden of plowing and harvesting, only for their larder, not ours.

    Now we all know that if you or I were to fabricate a document and offer it to the court, the judge would simply recite the statutes that exist solely to put you and I into a confined place for 10 to 15 years. But not to worry, the meals and sex are free, even if both are a little rough.

    There needs to be a hyperlink on LL that points the about-to-be-screwed to the reality behind their wild-eyed enthusiasm on discovering criminality….that they will eventually be told by the judge exactly how far to bend over for the banker’s attorneys. And remember, lie back and think of England, or whatever country you reside in….as it doesn’t pay to struggle. Once they’ve extracted all of your assets down to the last crumb, all Grinch-like, you’ll be free to comingle in the world again. Then you can enjoy the fascinating world of the ever diminishing safety net for the newly downtrodden. Restoring vintage cars used to be a fun pastime. Nowadays, trying to keep a ’95 Civic up and running is a work/no work struggle.

    Just remember this, absolutely none of this was by accident, it was by purely calculated design. It’s the perfect Wealth Transfer System, and it’s spinning effortlessly like a German watch. Also think on what they keep telling us, even straight from the Commander-In-Thief….that although these actions are highly unethical, they’re not illegal per se. So, they’ve deemed that it’s not illegal to have your home stolen when it’s a state sanctioned process. How convenient for them. Read Dmitry Orlov for his comparison of what’s taking place in the US to what happened to the Soviet Union and its demise. It’s uncanny. Or, is it?

  12. all the HAMP loans that we were lured into when our property values went down thru no fault of our own. Did you see SIGTARPS first quarter report of all the HAMPs that the banks reneged on. Why was this allowed to happen. These banks never had any intention of honoring the HAMPs. Why hasnt that POS president further enforced the HAMP because he is part of the scheme. I am convinced that this was just another knife for the middle class. I had to file bankruptcy over a loan that never existed, no unsecured debt only the house. Fannie and Freddie should be dissolved and if a bank cant make a loan with their own real money which they have plenty of, then they should not be in the loaning business period. Fat Cats die of heart attacks and Cancer, by the way does anybody know how Jamie Dimon’s throat cancer is?

  13. Richard Davet

    2009 JPM Shareholder’s meeting
    Exchange with James Dimon CEO and Chairman

    As you know, for years, the Bank has been and continues to be major players in its mortgage business in what has come to be known as the “Government Sponsored Enterprise (GSE) Business Model”.
    In September of 2008, Treasury Secretary Paulson declared that, and I quote, “these enterprises pose a systemic risk”. Your mortgage business goes 90%+ to Fannie Mae on a daily basis.

    Much has been written about the GSE flawed business model, including a Wall Street op-ed by George Soros which calls the models “hopelessly conflicted” and “it simply doesn’t work”.

    ? 1, When do you and the Board intend to disclose to shareholders the consequences of the Bank’s vigorous involvement with this fatally flawed business model?

    ? 2 Isn’t this business a little like your running a house of ill repute while knowing that all your ladies have aids and what are you doing to your client base?

    ? 3, What would you say to the skeptics that are out there that think that all players involved with the GSE Business Model are engaged in a simple criminal scheme, albeit of a dimension that we have never seen before, that a prosecutor would call “theft by deception” with the American taxpayer as the victim?

  14. “Whereas private banks must reveal the true creditor and the trust that allegedly owns the Note- Fannie Mae doesn’t have to prove anything (they are not a lender under TILA). They simply claim they own the Note (even if the empty trust does) and stonewall the homeowner who is typically forced to take their word for it. Fannie Mae has been able to stonewall homeowners, investors, courts and taxpayers for way too long.” …. so true.

    So, how do we win regardless of these well reported facts? Is there a remedy wherein [their] bad behavior and simple refusals (child-like) are actually “not” tolerated any more, or tolerated only and until the proper rules are applied in the proper venue in the proper order which may end the issue decisively in favor of the homeowner?

  15. This is why my SEC Whistleblower claim about the Ginnie Mae (2012) not owning a single mortgage loan which they admit, but the game is still played as if Ginnie purchased the loans. Ginnie only requires that the Notes be endorsed and relinquished to them as this alleged underlying collateral.

    When they talk of the lenders who are the issuers/sellers of the MBS and the only buy back is to the investors that advanced the lender fund for the MBS not the mortgage loans which are not sold. Ginnie Mae is the insurer as what Neil talking about with Fannie & Freddie, and the two cases in Holm v. Wells Fargo/Freddie Mac and re:Franklin another Washington Mutual Bank (WaMu) as with Holm, that Wells Fargo and Freddie Mac could not prove ownership. Holm won $3.2 million on a $140K something balance.

    How do you have a couple of $150K loans and not have a paper trail in a wire, cancel check or transfer that you purchase these loans. I never concentrated on Fannie & Freddie because I felt that obtaining financial record at my level would be impossible to get because it would be to expensive to get to discovery.

    Still what is being miss is that Ginnie is easier because it not policy to have pretended that Ginnie Mae actually purchase the loans in the MBS.

  16. thats rights and that is why they lure you into foreclosure and steal your home. What they are hiding is nothing, because there is nothing there. This is why they have to steal your home and re-sell it so there will be something there. Obama’s HAMP was the lure and that POS has been in on it from the beginning. If your loan is claimed by Fannie, you were targeted. Several homes in my middle class area went thru the same type of fraudulent paperwork to foreclose and then blackstone group bought up the properties which Chase holds the mortgage and they are renting the properties out now. Scam of the century. The too big to fails studied the areas. They knew what they were doing from day one and Obama helped them. I hope they all rot in hell.

Contribute to the discussion!

%d bloggers like this: