GSEs knew of foreclosure attorney abuses in 2003: FHFA-OIG

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While waiting for a trial today I spent some good time talking to a good foreclosure attorney on the bank side. He’s the kind of guy that admits to homeowner foreclosure attorneys, "we’ve got these certain problems with this case, this document is missing, here are the problems with my witness." That’s exactly what good lawyers do.

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FHFA-OIG could not establish whether Fannie Mae complied with its obligation to notify OFHEO of the 2006 report of foreclosure abuses. Fannie Mae officials claim that they informed an OFHEO senior official of the report during a telephone conversation in 2006, but they have no record of the communication.

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"FHFA-OIG believes that there were multiple indicators of foreclosure abuse risk prior to 2010 that could have led FHFA to identify and act earlier on the issue," the IG’s report states. The IG’s investigation found there had been several warning signs that, if they had been observed, would have allowed the agency to identify risk well before.

Why FHFA-OIG Did This Audit. In 1997, the Federal national mortgage association (fannie Mae or Enterprise) established its Retained Attorney Network (RAN) to acquire default-related legal services.

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Nathan Wilson ’12, a former chef and carpenter, was an intern with the Volunteer Lawyers Project in their Foreclosure Prevention Program when he was struck by the lack of information given to homeowners facing foreclosure. "There was this huge information gap," he said.

FHFA Duty to Serve Rule comments: Evens Auguste (Brockton, MA) Last month, a report from the FHFA’s Office of the Inspector General (OIG) faulted the GSEs’ conservator for not earlier identifying abuses within Fannie Mae’s Retained Attorney Network. According to the report, Fannie Mae was alerted to foreclosure abuse allegations as early as 2003, prompting the company to hire an outside law firm to.

California Real Estate Fraud Report You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day.

It’s official: All 50 state AGs to review foreclosures This is the sierra pacific mortgage company profile. All content is posted anonymously by employees working at Sierra Pacific Mortgage.. It’s official: All 50 state AGs to review foreclosures. Next Next. Fitch Sees 60% of Current RMBS Borrowers Underwater; The cure to zombie foreclosures.Nearly two-thirds of Americans sense double-dip recession  · A 2014 Demand Institute survey found that nearly two-thirds of 50 to 69-year-olds said they planned to retire in the home they now live in. Of those who said they planned to move, close to half said they planned to increase the size of their home or spend more for another home of the same size.