Wait ’til it comes out that many of these foreclosures were unnecessary because Fannie Mae staff declined to compel its servicers to comply with the federally-mandated servicer guidelines. Servicers prefer to foreclose rather than to provide troubled borrowers with the dignified exit that President Obama wants for us. Fannie Mae is letting them get away with this cruel abuse. Who will stop them?
Remember the robo-signers, those mortgage loan automatons who authenticated thousands of foreclosure documents over the years without verifying the information they were swearing to?
Well, they’re back, in a manner of speaking, at least in Florida. Their dubious documents are being used to hound former borrowers years after their homes went into foreclosure.
Robo-signer redux, as it might be called, has come about because of an aggressive pursuit of former borrowers by debt collectors hired by Fannie Mae, the mortgage finance giant. What Fannie is trying to recoup from these borrowers is the difference between what the borrowers owed on the mortgages when they were foreclosed and the amount Fannie received when it resold the properties.