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Corresp., AE, MLO Jobs; Diversity, VA, Pricing, Servicing Products; Freddie’s Renovation Product and Fannie Updates

Corresp., AE, MLO Jobs; Diversity, VA, Pricing, Servicing Products; Freddie’s Renovation Product and Fannie Updates

Last week I was in Orange County at the Insellerate Experience Summit 21, and this week I am 2,500 miles away in Orlando, FL at the Lenders One Summit. Unfortunately Florida metro areas are seeing increased mortgage fraud (the headline speaker today is Frank Abagnale) and several years ago a business associate recommended that I never mention the term “fraud” in my commentary since web searches would associate me with illegal activities. I never went along with that (and have also never paid a penny to any search engines) and I continue to write about fraud, since lenders and vendors can learn from recent court cases (like this one) and can teach their staffs about them and the flow of money. “Trust but verify.” CoreLogic just released its quarterly mortgage fraud brief for Q2 2021 showing that the Mortgage Fraud Risk Index continued to spike, with YoY gains reaching near historical highs at 37.2%. Occupancy fraud continues to be a top area of concern as the GSEs limit financing availability for non-primary occupancy. Out of the 15 riskiest metros analyzed, Florida metro areas take up six spots! (By the way, today’s podcast is available here, and this week’s is sponsored by Richey May, providing cybersecurity, assurance, tax, business advisory services, and technology solutions to clients nationwide.

To continue reading the rest of the article, please click on the source link below:

http://www.mortgagenewsdaily.com/channels/pipelinepress/08092021-mortgage-diversity.aspx

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie Mae Stops foreclosure

Fannie Mae Stops foreclosure

With the aid of Fannie Mae, you’re going to find a ton in a home. Fannie Mae is selling her own homes that have been forfeited. You can win a Fannie Mae home by making a bid, but you can lose someone willing to pay more like every other home-buying deal.

The Federal National Mortgage Association offers grants to lenders to help borrowers secure the home loans they need. The federal government funds them. Fannie Mae is the lender in this loan, assuming responsibility if the house has been forfeited. Fannie Mae sells and advertises the property as it happens.

Go to HomePath and get to the city and the state where you want to purchase to find the home of Fannie Mae. All Fannie Mae properties available in this area will be shown. Although there are many Fannie Mae tips for foreclosure, you can’t find a lot of ideas when you’re negotiating a fair price for the homes you see.

One of the essential advice to buying Fannie Mae is to find an agent that can help you out. In any case, you’re going to need an agent to sell your house, and someone willing will be able to take care of your best interests while you’re looking for the right spot. It would be best if you took some time to figure out how much you can afford before you start looking for your house. This gives your agent an idea of what you are to look for, even when you are search for money.

Since you can still check the HomePath tab, you should be able keep an eye on it every single day. Trust your agent as soon as you see what you’re finally going to buy. Don’t restrict your search to the properties of HomePath at the same time. If you want affordable homes, consider other foreclosures and priced homes for sale in your area.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie and Freddie extend freeze on foreclosures and some evictions

Fannie and Freddie extend freeze on foreclosures and some evictions

In an effort to keep homeowners and renters in their homes as they navigate the economic fallout of the coronavirus pandemic, some federal foreclosure and eviction moratoriums are being extended through the end of this year.
The Federal Housing Finance Agency (FHFA) announced Thursday that Fannie Mae and Freddie Mac will extend the moratoriums that were put in place on single-family foreclosures and on some evictions until at least December 31. The current moratoriums were set to expire on August 31.

Continue Reading.
Source:
https://www.cnn.com/2020/08/27/success/freddie-fannie-foreclosure-eviction-moratorium-extended/index.html

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Trump officially calls for end to Fannie Mae, Freddie Mac conservatorship

Trump officially calls for end to Fannie Mae, Freddie Mac conservatorship

Housing Wire-

President Donald Trump is officially calling for an end to the conservatorship of Fannie Mae and Freddie Mac, according to a White House release issued Wednesday.

The statement said that Fannie and Freddie have grown in size and reach, yet face no competition from the private sector, and that the Department of Housing and Urban Development programs are exposed to too much risk while relying on outdated processes.
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Former Fannie Mae employee found guilty of making millions on shady foreclosure sales

Former Fannie Mae employee found guilty of making millions on shady foreclosure sales

Ordered to forfeit a property she bought with a duffle bag full of cash

Housing Wire-

A former Fannie Mae employee is now facing 40 years in prison after being found guilty of accepting millions of dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

Back in January 2018, Shirene Hernandez was charged with accepting bribes for steering foreclosures to certain brokers and even allegedly buying some foreclosures herself at below market value.

And this week, Hernandez was found guilty of two wire fraud counts that involved the deprivation of honest services.

[HOUSING WIRE]

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Fannie Mae Announces Eviction Suspension for the Holidays

Fannie Mae Announces Eviction Suspension for the Holidays

Alicia Jones

202-752-5716

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) announced today that it will suspend eviction lockouts of foreclosed single-family properties during the holiday season. The suspension of eviction lockouts will apply to single-family and 2-4 unit properties from December 17, 2018 through January 2, 2019. During this period, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in the home. Servicers should continue to follow Fannie Mae’s guidelines for single-family mortgages related to homes and borrowers in disaster-affected areas.

“We believe it is important to extend the timeline of help for struggling borrowers during the holidays,” said Jacob Williamson, Vice President of Single-Family Real Estate at Fannie Mae. “We encourage homeowners who may be struggling with their mortgage or facing possible foreclosure to reach out to Fannie Mae or your servicer to get help. We want to help pursue those options whenever possible.”

Homeowners can visit www.knowyouroptions.com for resources on how to prevent foreclosure, including how to find out if Fannie Mae owns their loan. Homeowners also can contact Fannie Mae at 1-800-232-6643 for more information.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Affected by Hurricane Michael

Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Affected by Hurricane Michael

Pete Bakel

202-752-2034

WASHINGTON, DC – Fannie Mae (FNMA/OTC) is reminding those impacted by Hurricane Michael of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages:

  • Homeowners impacted by Hurricane Michael are eligible to stop making mortgage payments for up to 12 months, during which time they:
    • will not incur late fees during this temporary payment break
    • will not have delinquencies reported to the credit bureaus
  • Servicers are authorized to suspend or reduce a homeowner’s mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances.
  • Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster.

“It is important for those in the path of the storm to focus on their safety as they deal with the potential impact of Hurricane Michael,” said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. “Fannie Mae and our lending and servicing partners are focused on ensuring assistance is offered to individuals and families in need. We also are focused on working with our Multifamily DUS® lenders and borrowers to determine appropriate actions to assist renters impacted by the storm. We urge everyone in the area to be safe, and we encourage homeowners affected by the storm to contact their mortgage servicer for assistance as soon as possible.”

Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/relief.

 

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Affected by Hurricane Florence

Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Areas Affected by Hurricane Florence

Pete Bakel

202-752-2034

WASHINGTON, DC – Fannie Mae (FNMA/OTC) is reminding those impacted by Hurricane Florence of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages:

  • Homeowners impacted by Hurricane Florence are eligible to stop making mortgage payments for up to 12 months, during which time they:
    • will not incur late fees during this temporary payment break
    • will not have delinquencies reported to the credit bureaus
  • Servicers are authorized to suspend or reduce a homeowner’s mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances.
  • Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster.

“We want to ensure those in the path of Hurricane Florence have peace of mind and time to focus on their safety,” said Carlos Perez, Senior Vice President and Chief Credit Officer at Fannie Mae. “Fannie Mae and our lending and servicing partners are focused on ensuring assistance is offered to individuals and families in need. We also continue to work with our Multifamily DUS® lenders and borrowers to determine appropriate actions to assist renters impacted by the storm. We urge everyone in the area to be safe, and we encourage homeowners affected by the storm to contact their mortgage servicer for assistance as soon as possible.”

Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/relief.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie and Freddie Foreclosures Must Meet Constitutional Due Process Standards

Fannie and Freddie Foreclosures Must Meet Constitutional Due Process Standards

NCLC Digital Library –

A federal court’s August ruling in Sisti v. Federal Housing Finance Agency, 2018 WL 3655578 (D.R.I. Aug. 2, 2018), has the potential to revolutionize Fannie Mae and Freddie Mac foreclosure procedures in the majority of states that allow nonjudicial foreclosures. By finding Fannie and Freddie to be state actors, those entities’ foreclosure practices must meet constitutional due process standards. If followed by other courts, this may radically change Fannie and Freddie foreclosure practices in nonjudicial foreclosure states.

Fannie and Freddie Are Now Under Federal Agency Conservatorship

Sisti finds Fannie Mae and Freddie Mac to be state actors because they are under conservatorship of a federal agency. In 2008, Congress authorized the federal government to take over operation of both Fannie and Freddie, known as government sponsored enterprises (GSEs). Congress created the Federal Housing Finance Agency (FHFA) to place the GSEs in receivership or conservatorship. See 12 U.S.C. § 4617(a)(2). The GSEs have remained under the FHFA’s conservatorship ever since then. Under the conservatorship FHFA controls all aspects of the GSEs’ activities. See Leon Cty. Fla v. FHFA, 700 F.3d 1273, 1279 (11th Cir. 2012).

[NCLC]

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FANNIE MAE v AMARAL |  HAWAII ICA – Here OneWest did not attach the Note to its Complaint and the Declariation fails to establish, or even mention that OneWest possessed the Note at time it filed its Complaint … Order & Judgment VACATED!

FANNIE MAE v AMARAL | HAWAII ICA – Here OneWest did not attach the Note to its Complaint and the Declariation fails to establish, or even mention that OneWest possessed the Note at time it filed its Complaint … Order & Judgment VACATED!

Congratulations to DUBIN LAW OFFICES

034924951 (1) by DinSFLA on Scribd

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USA ex rel. PETER D. GRUBEA, v. ROSICKI, ROSICKI & ASSOCIATES, P.C., et al., |  FANNIE MAE (FNMA) Attorney Network Agreements

USA ex rel. PETER D. GRUBEA, v. ROSICKI, ROSICKI & ASSOCIATES, P.C., et al., | FANNIE MAE (FNMA) Attorney Network Agreements

Fannie 1998 Law Firm Agrmt by DinSFLA on Scribd

Fannie 2013 Law Firm Retention Agreement by DinSFLA on Scribd

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USA ex rel. PETER D. GRUBEA, v. ROSICKI, ROSICKI & ASSOCIATES, P.C., et al., |  Rosicki’s argue FNMA knew about the marked up expenses and did not care.  Bank of America argues it does not matter and this pleading by the Govt discloses many of the shenanigans taking place between Fannie Mae and loan servicers (notably Bank of America)

USA ex rel. PETER D. GRUBEA, v. ROSICKI, ROSICKI & ASSOCIATES, P.C., et al., | Rosicki’s argue FNMA knew about the marked up expenses and did not care. Bank of America argues it does not matter and this pleading by the Govt discloses many of the shenanigans taking place between Fannie Mae and loan servicers (notably Bank of America)

Rosicki Opposition to Motion to Dismiss (1) by DinSFLA on Scribd

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Manhattan U.S. Attorney Announces Lawsuit Against Foreclosure Law Firm Rosicki, Rosicki & Associates For Systematically Overbilling Fannie Mae For Foreclosure Expenses

Manhattan U.S. Attorney Announces Lawsuit Against Foreclosure Law Firm Rosicki, Rosicki & Associates For Systematically Overbilling Fannie Mae For Foreclosure Expenses

FOR IMMEDIATE RELEASE
Wednesday, March 28, 2018

Manhattan U.S. Attorney Announces Lawsuit Against Foreclosure Law Firm For Systematically Overbilling Fannie Mae For Foreclosure Expenses

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Rene Febles, Deputy Inspector General for Investigations for the Federal Housing Finance Agency (“FHFA-OIG”), announced today that the United States has filed a complaint-in-intervention against Rosicki, Rosicki & Associates, P.C. (“ROSICKI”), a foreclosure law firm in New York, and its wholly owned affiliates, Enterprise Process Service, Inc. (“ENTERPRISE”) and Paramount Land, Inc. (“PARAMOUNT”), for engaging in a scheme to generate false and inflated bills for foreclosure-related expenses and causing those expenses to be submitted to and paid for by the Federal National Mortgage Association, known colloquially as Fannie Mae.  The case is assigned to U.S. District Judge Jed S. Rakoff.

Manhattan U.S. Attorney Geoffrey S. Berman said:  “As alleged in the complaint, for years the Rosicki law firm exploited its relationship with Fannie Mae, a Government-sponsored entity, for its own financial gain by knowingly causing Fannie Mae to pay artificially inflated costs for foreclosure-related services.  This lawsuit demonstrates this Office’s continued commitment to root out fraud in all of its forms.”

FHFA Deputy Inspector General for Investigations Rene Febles said:  “FHFA-OIG recognizes that the best deterrent against fraud is a proactive and visible law enforcement effort.  We are vigilant and remain committed to conducting vigorous investigations and working closely with prosecutors to hold those organizations and persons accountable who waste, steal, or abuse funds in connection with FHFA or any of the entities that it regulates.”

As alleged in the complaint:

From May 2009 through the present (“Covered Period”), ROSICKI, a law firm based in Plainview, New York, that specializes in mortgage foreclosures, acted as counsel to various mortgage servicing companies, and in that capacity effectuated mortgage foreclosures on Fannie Mae-owned loans.  ENTERPRISE was a service-of-process company wholly owned and controlled by the two founding partners of ROSICKI, and PARAMOUNT was a title search company also wholly owned and controlled by the same ROSICKI partners.

Throughout the Covered Period, ROSICKI, ENTERPRISE, and PARAMOUNT perpetrated a scheme whereby ROSICKI exclusively engaged ENTERPRISE and PARAMOUNT purportedly to serve process and perform title searches that were required to complete mortgage foreclosures on Fannie Mae-owned loans.  In reality, however, ENTERPRISE and PARAMOUNT engaged third-party vendors to perform the majority of the work, and then applied exponential markups, as much as 750%, to those vendors’ bills for foreclosure-related services, while adding little if any value to the services that the vendors had performed.  ENTERPRISE and PARAMOUNT submitted their marked-up expenses, which significantly exceeded market rates, to ROSICKI.  ROSICKI in turn billed the mortgage servicers for those inflated expenses, which ROSICKI represented were the actual expenses incurred for the foreclosure-related services, with knowledge that the mortgage servicers would submit claims to Fannie Mae for full reimbursement of the expenses.  Defendants’ submission of these fraudulently inflated expenses caused Fannie Mae to pay millions of dollars for falsely inflated foreclosure expenses.

This matter was initiated by a relator pursuant to the qui tam provisions of the False Claims Act, 31 U.S.C. § 3729 et seq.

*                *                *

Mr. Berman thanked the FHFA-OIG for its efforts and ongoing support and assistance with the case.

The case is being handled by the Office’s Civil Frauds Unit.  Assistant U.S. Attorneys Cristy Irvin Phillips, Andrew E. Krause, and Lauren A. Lively are in charge of the case.

Topic(s):
Financial Fraud
Press Release Number:
18-093
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New York foreclosure firm accused of cheating Fannie Mae out of millions

New York foreclosure firm accused of cheating Fannie Mae out of millions

Housing Wire-

A New York foreclosure law firm allegedly used its affiliated companies to “systemically” overcharge for foreclosure-related services and defraud Fannie Mae out of “millions of dollars,” the Department of Justice said in court this week.

According to the U.S. Attorney’s Office for the Southern District of New York, Rosicki, Rosicki & Associates engaged in a scheme with its wholly owned affiliates, Enterprise Process Service and Paramount Land, to markup foreclosure services by as much as 750% knowing that Fannie Mae would pay the bills.

In a complaint, the DOJ alleges that the Rosicki firm specializes in foreclosures, acting as counsel to mortgage servicers that use the firm to execute foreclosures in New York, a judicial foreclosure state.

[HOUSINGWIRE]

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Saticoy Bay LLC Series 9641 Christine View v. FANNIE MAE | 9th Cir. – HOA Super-Priority Lien Law Preempted by Federal Statute

Saticoy Bay LLC Series 9641 Christine View v. FANNIE MAE | 9th Cir. – HOA Super-Priority Lien Law Preempted by Federal Statute

Lexology-

Given the significant role Fannie Mae and Freddie Mac have in the national housing market, it is unsurprising that both have become embroiled in the Nevada HOA super-priority lien litigation. Since July 2008 – well before the Nevada Supreme Court held that an HOA’s foreclosure on its super-priority lien could extinguish a first deed of trust – Fannie Mae and Freddie Mac have been in the conservatorship of the Federal Housing Finance Agency (FHFA). The Housing and Economic Recovery Act of 2008 (Federal Foreclosure Bar), which created FHFA, includes a provision commonly referred to as the Federal Foreclosure Bar, which provides that FHFA’s property shall not be subject to foreclosure without FHFA’s consent. Fannie Mae and Freddie Mac, as well as loan servicers acting on their behalf, have long argued that the Federal Foreclosure Bar preempts the Nevada HOA super-priority lien statute and prevents HOA foreclosure sales from extinguishing the interests of Fannie Mae and Freddie Mac. While the Ninth Circuit already held that the Federal Foreclosure Bar preempts Nevada’s HOA super-priority lien statute, the Nevada Supreme Court had not weighed in until now. On March 21, 2018, the Nevada Supreme Court released a unanimous, en banc opinion in Saticoy Bay LLC Series 9641 Christine View v. Federal National Mortgage Association, siding with the Ninth Circuit on federal preemption.

[LEXOLOGY]

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S. Williams, et al v. Wells Fargo Bank, N.A., et al | 5th Circuit – we REVERSE the judgment of the district court as to the claim that Fannie Mae breached the deed of trust by failing to give notice, and we REMAND that claim against Fannie Mae for further proceedings in the district court.

S. Williams, et al v. Wells Fargo Bank, N.A., et al | 5th Circuit – we REVERSE the judgment of the district court as to the claim that Fannie Mae breached the deed of trust by failing to give notice, and we REMAND that claim against Fannie Mae for further proceedings in the district court.

IN THE UNITED STATES COURT OF APPEALS
FOR THE FIFTH CIRCUIT
No. 16-20507

S. JAY WILLIAMS, individually and as assignee of WNC Institutional Tax
Credit Fund VII, L.P., WNC Housing, L.P., and Tracy Kennedy; SCII-GP,
L.L.C., as assignee of Shelter Resource Corporation, Swis Investments,
Limited, and SC-GP, Incorporated; SWIS INVESTMENTS, LIMITED; SWIS
COMMUNITY, LIMITED,
Plaintiffs–Appellants,

v.

WELLS FARGO BANK, N.A., doing business through its operating division
Wells Fargo Commercial Mortgage Servicing; FANNIE MAE, also known as
Federal National Mortgage Association; DAVID F. STAAS; MARK
GLANOWSKI; COURTNEY DAVIS BRISTOW; WINSTEAD, P.C.,
Defendants–Appellees.

16-20507-CV0 by DinSFLA on Scribd

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McCampbell v. Federal National Mortgage Association | FL 2DCA- trial court erred in admitting copies of his loan modification agreement, and Federal National Mortgage Association (Fannie Mae) correctly concedes that the admission of the copies was improper. Accordingly, we reverse

McCampbell v. Federal National Mortgage Association | FL 2DCA- trial court erred in admitting copies of his loan modification agreement, and Federal National Mortgage Association (Fannie Mae) correctly concedes that the admission of the copies was improper. Accordingly, we reverse

 

JAMES McCAMPBELL, Appellant,
v.
FEDERAL NATIONAL MORTGAGE ASSOCIATION, Appellee.

Case No. 2D16-177.
District Court of Appeal of Florida, Second District.
Opinion filed February 14, 2018.
Appeal from the Circuit Court for Sarasota County; Lee Haworth, Judge.

Mark P. Stopa of Stopa Law Firm, Tampa, for Appellant.

Robert R. Edwards of Choice Legal Group, P.A., Fort Lauderdale, for Appellee.

CASANUEVA, Judge.

In this appeal from a final judgment of foreclosure, James McCampbell contends that the trial court erred in admitting copies of his loan modification agreement, and Federal National Mortgage Association (Fannie Mae) correctly concedes that the admission of the copies was improper. Accordingly, we reverse.[1]

On October 26, 2007, Mr. McCampbell signed the original mortgage and promissory note on the property, and on July 14, 2010, an agreement modifying the original loan and all of the original loan documents was executed. At trial, Fannie Mae called one witness to testify and that witness did not produce the original loan modification agreement nor did the witness explain its absence. Rather, Fannie Mae sought the admission of a copy of the agreement. Over objection, the trial court admitted the copy.

We hold that the trial court erred in admitting a copy of the document and remand for a new trial. Section 90.952, Florida Statutes (2012), provides as follows: “Except as otherwise provided by statute, an original writing . . . is required in order to prove the contents of the writing. . . .” In Rattigan v. Central Mortgage Co., 199 So. 3d 966, 967 (Fla. 4th DCA 2016), a similar failure resulted in a reversal of a foreclosure judgment. In that case, the bank, as here, was proceeding under a modified loan. The Fourth District noted:

When the terms of an agreement are necessary for resolution of an issue brought before a court, the failure to introduce the agreement itself into evidence violates the best evidence rule.

. . . .

This written modification was as much a part of the parties’ agreement as the original note itself. The Bank violated the best evidence rule by virtue of its failure to introduce the modification at trial (either the original or a duplicate with an explanation as to why the original note was unavailable, see Deutsche Bank Nat’l Tr. Co. v. Clarke, 87 So. 3d 58, 62 (Fla. 4th DCA 2012)). Id. (citing J.H. v. State, 480 So. 2d 680, 682 (Fla. 1st DCA 1985)). As a result, the admission of testimony regarding the content of the modification was error. Here, the identical failure to admit the modification agreement took place and resulted in the identical evidentiary error. See also Mathis v. Nationstar Mortg., LLC, 227 So. 3d 189, 193 (Fla. 2d DCA 2017) (holding that where bank’s witness did not provide any explanation regarding why the original allonge was not available, the “testimony regarding the contents of the allonge was inadmissible under the best evidence rule”).

We reverse and remand for a new trial. See Heller v. Bank of Am., NA, 209 So. 3d 641, 645 (Fla. 2d DCA 2017) (reversing and remanding final judgment of foreclosure for a new trial where trial court improperly allowed the bank’s witness to give hearsay testimony regarding content of business records which had not been admitted into evidence).

Reversed and remanded.

SALARIO and BADALAMENTI, JJ., Concur.

NOT FINAL UNTIL TIME EXPIRES TO FILE REHEARING MOTION AND, IF FILED, DETERMINED.

[1] We do not find merit in Fannie Mae’s argument that the appeal should be affirmed based on the tipsy coachman doctrine because, although the trial court took judicial notice of certain bankruptcy pleadings, no other pleading accompanied the judicial notice request.

 

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Former Fannie Mae employee accused of taking bribes, selling foreclosures below market value

Former Fannie Mae employee accused of taking bribes, selling foreclosures below market value

Housingwire-

A former Fannie Mae employee allegedly made more than $1 million by accepting bribes and approving the sales of foreclosed properties at below market value to herself and to brokers in exchange for kickbacks.

According to the U.S. Attorney’s Office for the Central District of California, Shirene Hernandez formerly worked at Fannie Mae in Irvine. At Fannie Mae, Hernandez worked as a REO foreclosure specialist and was tasked with the disposition of properties foreclosed on by Fannie Mae.

Court documents show that Hernandez’s duties at Fannie Mae included assigning Fannie-Mae owned properties to listing brokers and approving sales of those properties based on offers submitted by those brokers.

[HOUSINGWIRE]

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A Bad Start on Reforming Fannie and Freddie

A Bad Start on Reforming Fannie and Freddie

The Trump administration’s actions suggest it’s unwilling or unable to fix housing finance.

Bloomberg-

This was supposed to be the year when the U.S. government would finally address one of the biggest pieces of unfinished business from the 2008 financial crisis: reforming Fannie Mae and Freddie Mac, the quasi-state entities that dominate the U.S. mortgage market.

Unfortunately, the Trump administration’s actions so far suggest it’s unwilling or unable to handle the task.

 The collapse of the entities during the financial crisis offers a case study on how public-private partnerships can go wrong. Mandated by Congress to promote home ownership, they operated as privately owned corporations that bought and guaranteed mortgage loans. They delivered big profits for private shareholders, thanks in large part to the market’s assumption that the government would bail them out in a crisis. In 2008, that assumption proved correct: Amid heavy losses, the Treasury had to step in with a $187 billion capital injection and put the entities into a government conservatorship.
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TFH 10/18 | Disorganized Crime: Revealing How Government Insiders Have Secretly Used Fannie Mae, Freddie Mac, MERS, the FDIC, and the Justice Department To Steal Trillions of Dollars from Homeowners and GSE Investors by Defrauding Our Courts

TFH 10/18 | Disorganized Crime: Revealing How Government Insiders Have Secretly Used Fannie Mae, Freddie Mac, MERS, the FDIC, and the Justice Department To Steal Trillions of Dollars from Homeowners and GSE Investors by Defrauding Our Courts

COMING TO YOU LIVE DIRECTLY FROM THE DUBIN LAW OFFICES AT HARBOR COURT, DOWNTOWN HONOLULU, HAWAII

LISTEN TO KHVH-AM (830 ON THE AM RADIO DIAL)

ALSO AVAILABLE ON KHVH-AM ON THE iHEART APP ON THE INTERNET

.

.

Sunday – October 28

 ———————
Disorganized Crime: Revealing How Government Insiders Have Secretly Used Fannie Mae, Freddie Mac, MERS, the FDIC, and the Justice Department To Steal Trillions of Dollars from Homeowners and GSE Investors by Defrauding Our Courts

 

 

It has often been said that the best way to rob a bank is to own one.

There have been bank robberies throughout American history conducted by easily identified outside organized criminal gangs, ranging from Jessie James and the Dalton Brothers to various geographic Mafia groups.

None, however, has been more successful yet as diverse and as little known as those who have stolen an unprecedented many trillions of dollars in recent decades from hundreds of millions of victims, such as Homeowners and GSE Investors, and others owning stock in, for instance, IndyMac and Washington Mutual, to name but a few supposedly “failed” institutions.

In every case, federal insiders have manipulated Fannie Mae, Freddie Mac, MERS, the FDIC, and the Justice Department to enable them to loot trillions of dollars of the property and profits of Americans, while the evidence of such theft has been hidden from our Courts.

This disorganized theft has been so extraordinarily diverse, manifesting itself in so many different forms, and so well covered up by participating federal officials, that the full extent of such disorganized criminal activity has never been fully identified or even completely addressed, preventing exposure in our Courts.

On this Sunday’s show we will begin to unravel the complexity of this enormous theft by identifying who the offenders and their victims have been, how and why the full extent of the theft has been unknown, and propose ways still available for combatting it, including suggesting that the victims, principally Homeowners and GSE Investors, should combine together to wake up our Courts.

Listen to today’s show, posted on our website at www.foreclosurehour.com, and find out how you can change American history, beat the banks, by joining the Homeowners SuperPAC today.

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Host: Gary Dubin Co-Host: John Waihee

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CALL IN AT (808) 521-8383 OR TOLL FREE (888) 565-8383

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Submit questions to info@foreclosurehour.com

The Foreclosure Hour is a public service of the Dubin Law Offices

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The Foreclosure Hour 12

 

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie, Freddie to waive appraisals on some purchase loans

Fannie, Freddie to waive appraisals on some purchase loans

San Francisco Chronicle-

Fannie Mae and Freddie Mac each have announced that they will begin waiving appraisal requirements on a limited number of home-purchase loans they back, which will save hundreds of dollars and speed closings for qualified buyers but strike a blow to appraisers .

Fannie started waiving the need for what it calls “property inspections” on certain refinance loans in December. At the time, Fannie said up to 10 percent of refinance loans could qualify for the waiver. Freddie quietly followed suit on some refis on June 19. Instead of using human appraisers on these loans, the government agencies are relying on automated valuation models.

Waiving them on purchase loans is a much bigger threat to taxpayers and appraisers, said Ken Chitester, a spokesman for the Appraisal Institute. “The previous owner could have made changes — good or ill — to the property” that would not show up on an automated valuation, he said. Also, when borrowers refinance an existing loan, lenders can see their track record. That’s not always true on purchase loans, which is why “it’s important to have an appraisal as part of good risk management.”

For buyers, there’s little downside. They can still get an appraisal if they want peace of mind, but won’t have to if they qualify for a waiver.
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie and Freddie could need $100 billion bailout in next crisis, stress test finds

Fannie and Freddie could need $100 billion bailout in next crisis, stress test finds

Market Watch-

Fannie Mae and Freddie Mac could need a taxpayer bailout of as much as $99.6 billion if a severe economic downturn gripped the U.S., their regulator said Monday.

The Federal Housing Finance Agency released the results of a stress test that examined how the mortgage finance companies would perform in what’s called a “severely adverse scenario.” The stress test was mandated by the post-financial-crisis Dodd-Frank Act and the specifics of the scenario were devised by the Federal Reserve.

The test found that Fannie FNMA, +2.61%   and Freddie FMCC, +3.16%   together would require between $34.8 and $99.6 billion, FHFA said. That’s an improvement from last year, when FHFA said the enterprises would need $125.8 billion.

[MARKET WATCH]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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