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Rush To Foreclose By Fannie, Freddie Helped Feed Problems With Legal Paperwork

Mortgage Rates

First Posted: 12/23/10 10:20 AM ET Updated: 05/25/11 07:20 PM ET

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Washington Post:

As the housing market came crashing down in 2008, the giant mortgage company Fannie Mae took an unprecedented step to help tackle the rising tide of foreclosures. It named an exclusive group of law firms that would help rapidly carry out the unsavory task of filing legal paperwork to remove homeowners from their homes.

Read the whole story: Washington Post

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As the housing market came crashing down in 2008, the giant mortgage company Fannie Mae took an unprecedented step to help tackle the rising tide of foreclosures. It named an exclusive group of law fi...
As the housing market came crashing down in 2008, the giant mortgage company Fannie Mae took an unprecedented step to help tackle the rising tide of foreclosures. It named an exclusive group of law fi...
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HUFFPOST SUPER USER
AlsoSarah
Medicare for all
776 Fans
07:09 PM on 12/27/2010
"If Citibank and Bank of America were going under, that would be a problem," said Mark Blyth, a political economy professor at Brown and a fellow of the Watson Institute for International Studies. "The bailout was meant to deal with a global systemic crisis. It was not to make sure that some bank in Utah with dodgy commercial real estate would be okay."

I am so sick of this. I went into a 3 month HAMP trial with BoA in June 2009. In August I was told I was modified as of November 2009. Today I called to check my status. I have still not been officially modified although BoA continues to report me delinquent to all the credit bureaus and pad my mortgage with fees and late charges. Today when I spoke with a BoA supervisor he told me that BoA will take care of all the fees and late charges when they modify me. THEY WILL ROLL IT ONTO MY MORTGAGE PRINCIPAL. yeah, that means that since November 2009 they have been padding my mortgage LEGALLY. What's wrong with this picture? is this fraud?
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ejhickey
98 Fans
12:08 AM on 12/27/2010
looks like fannie and freddie are part of the problem, not the solution. they were the client and they were directing their lawyers as to what to do and when to do it. F&F were the ones who were ignoring the law and these are government sponsored corporations
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HUFFPOST SUPER USER
USNDC
Smartest President ever ? ... not even close.
434 Fans
11:54 AM on 12/23/2010
Improper mortgage securitizations threaten the solvency of our major banks ... yet again.

The foreclosure process is being abused with fraudulent affidavits & forgeries thrust upon the courts ... with no legal consequense.

There 20,000,000 potential foreclosures ... threatening to destroy everyone's property value if left unresolved.

Candidate Obama promised to tackle this national crisis ... President Obama is hiding from this national crisis.
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