Protecting Homeowners from Non-Judicial Foreclosure of Mortgages held by Fannie Mae and Freddie Mac by Florence W. Roisman

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Protecting Homeowners from Non-Judicial Foreclosure of Mortgages held by Fannie Mae and Freddie Mac by Florence W. Roisman

Protecting Homeowners from Non-Judicial Foreclosure of Mortgages held by Fannie Mae and Freddie Mac by Florence W. Roisman

Protecting Homeowners from Non-Judicial Foreclosure of Mortgages held by Fannie Mae and Freddie Mac

Florence W. Roisman, Indiana University Robert H. McKinney School of Law

Abstract

Fannie Mae and Freddie Mac hold or guarantee about three-quarters of the mortgages in the U.S. Traditionally, those mortgages have been foreclosed by non-judicial foreclosure in the states (more than half the states) that allow non-judicial foreclosure. In September 2008, a federal agency, the Federal Housing Finance Agency, put Fannie and Freddie into conservatorship and took total control of both. This article asks whether, post-conservatorship, foreclosure of mortgages held by Fannie and Freddie is subject to Fifth Amendment due process constraints, which most non-judicial foreclosure statutes do not satisfy. The article concludes that such foreclosures are subject to the Fifth Amendment.

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