Gses | FORECLOSURE FRAUD | by DinSFLA

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Fannie Mae warns of SIGNIFICANT RISK, Half of FNMA’s mortgages registered in MERS name

Fannie Mae warns of SIGNIFICANT RISK, Half of FNMA’s mortgages registered in MERS name


Two things… she’s either trying to scare you since they just announced she seeks billions from taxpayers last week, or they are trying to come clean in case this all folds up… knowing they ALWAYS knew this system was wrong.

After all, if you recall she made another announcement last year, MERS May NOT Foreclose for Fannie Mae effective 5/1/2010 and then her mate followed, Freddie Mac Tells Servicers NOT To Foreclose In MERS.… so she was possibly working on this for some time. Both shareholders of MERS from the beginning.

Coincidence? Do you have a choice to remove MERS off your loan at the closing table?

Dont’cha wonder what was the point of saving on recording fees or the amount it take$ to defend MERS? Betcha either was well worth it as it made wall street CEO’s billions and others many millions.

Housing Wire-

Roughly half of the mortgages owned or guaranteed by Fannie Mae are registered in the Mortgage Electronic Registration System name, according to a filing by the government-sponsored enterprise last week.

Fannie’s guaranty book of business totaled $2.9 trillion at the end of the first quarter, meaning about $1.45 trillion of loans are registered in MERS’ name. The connection, Fannie said, poses a significant risk.


© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (2)

BLOOMBERG: Citigroup Stops Using Foreclosure Law Firm Under Investigation in Florida

BLOOMBERG: Citigroup Stops Using Foreclosure Law Firm Under Investigation in Florida


By Dakin Campbell and Donal Griffin – Oct 12, 2010 12:00 AM ET

Citigroup Inc. said it stopped steering foreclosure work to a Florida law firm whose court filings to support home seizures are under investigation by the state’s attorney general.

The bank, which is proceeding with seizures as some rivals stop to recheck documents, had used the Law Offices of David J. Stern PA. Florida Attorney General Bill McCollum said Aug. 10 it is examining whether Stern and two other firms filed “improper documentation” with the state’s courts to speed proceedings.

“Pending the outcome of the AG’s investigation, Citi is not referring new matters to this firm,” the New York-based bank said in an e-mailed statement. Citigroup services loans for government-sponsored entities, such as Fannie Mae and Freddie Mac. Stern “was approved by the GSEs during the time in which it was retained by Citi,” the bank said.

Lawmakers, attorneys general and consumer groups have pressed mortgage firms to follow Bank of America Corp., the biggest U.S. lender, which last week suspended all foreclosures to check whether faulty documents were used to confiscate homes. JPMorgan Chase & Co. and Ally Financial Inc.’s GMAC Mortgage unit froze seizures or evictions in Florida and 22 other states. Citigroup said last week it doesn’t plan to join them.

McCollum’s office “hasn’t made any charges or allegations of fault,” said Jeffrey Tew, an outside attorney for Plantation, Florida-based Stern, who declined to discuss its work for Citigroup. “I believe they’re a client. I can’t go into any details.”

Continue reading…BLOOMBERG

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© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, CitiGroup, djsp enterprises, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, investigation, Law Offices Of David J. Stern P.A., notary fraudComments (0)

VIDEO| History will repeat itself on tax payer dime! ‘COOP’

VIDEO| History will repeat itself on tax payer dime! ‘COOP’


Watch carefully at the latest “Master Plan” the banks have up their sleeves!

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conspiracy, CONTROL FRAUD, corruption, fannie mae, foreclosure, foreclosures, Freddie Mac, insurance, mbs, mortgage, note, securitization, STOP FORECLOSURE FRAUD, trade secretsComments (1)

Lenders Repurchase $3 Billion in Mortgages from GSEs in Q1: DSNEWS

Lenders Repurchase $3 Billion in Mortgages from GSEs in Q1: DSNEWS


BY: CARRIE BAY DSNEWS.com

With home loans going bad at a still-staggering pace and losses mounting for the GSEs, the nation’s two largest mortgage financiers are pursuing several avenues to recover money, including returning poorly underwritten loans to lenders. During the first three months of this year,Fannie Mae and Freddie Mae required lenders to buy back $3.1 billion in mortgages they’d sold to the two firms.

Lenders repurchased approximately $1.8 billion in loans from Fannie in Q1, measured by unpaid principal balance, according to a recent filing by the GSE with the Securities and Exchange Commission (SEC). During the same period last year, Fannie forced lenders to buy back $1.1 billion in bad loans.

“We conduct reviews of delinquent loans and, when we discover loans that do not meet our underwriting and eligibility requirements, we make demands for lenders to repurchase these loans or compensate us for losses sustained on the loans, as well as requests for repurchase or compensation for loans for which the mortgage insurer rescinds coverage,” Fannie wrote in the regulatory filing.

Freddie Mac sent $1.3 billion in faulty home mortgages back to the loan sellers during the January to March period, the GSE said in its Q1 SEC filing. That compares to repurchases of $789 million during the first quarter of 2009.

“We are exposed to institutional credit risk arising from the potential insolvency or non-performance by our mortgage seller/servicers, including non-performance of their repurchase obligations arising from breaches of the representations and warranties made to us for loans they underwrote and sold to us,” Freddie Mac explained in the regulatory document.

Freddie says some of its seller/servicers failed to perform their repurchase obligations due to lack of financial capacity, and many of the larger seller/servicers have not completed their buybacks “in a timely manner.”

“As of March 31, 2010 and December 31, 2009, we had outstanding repurchase requests to our seller/servicers with respect to loans with an unpaid principal balance of approximately $4.8 billion and $3.8 billion, respectively,” the GSE said.

As of the end of March, approximately 34 percent of Freddie’s outstanding purchase requests were more than 90 days past due.

“Our credit losses may increase to the extent our seller/servicers do not fully perform their repurchase obligations,” Freddie Mac wrote in the filing. “Enforcing repurchase obligations with lender customers who have the financial capacity to perform those obligations could also negatively impact our relationships with such customers and ability to retain market share.”

According to regulatory filings made by the GSEs earlier in the year, the two companies are expecting to return as much as $21 billion in home mortgages to banks in 2010. The nation’s four largest lenders – Bank of America, Citigroup, Wells Fargo, and JPMorgan Chase – are the largest sellers of home loans to Fannie and Freddie and will likely take the biggest hits.

A recent report from Bloomberg noted that these banks sell mortgages to the GSEs at full value, which means they must buy them back at full value. But the news agency says at least one bank, JPMorgan Chase, says most of the loans repurchased must be immediately written down, sometimes by as much as 50 percent.

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