Strategic Defaulters | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "Strategic Defaulters"

REUTERS FEATURE-The U.S. foreclosure crisis, Beverly Hills-style

REUTERS FEATURE-The U.S. foreclosure crisis, Beverly Hills-style


It’s a business decision for the rich!

Reuters-

* Record number of defaults in Beverly Hills

* Many wealthy owners could still pay but walked away

* Only 12 of 180 distressed homes up for sale

BEVERLY HILLS, Feb 16 (Reuters) – The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.

Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.

[REUTERS]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Mortgage Bankers Association Strategic Default

Mortgage Bankers Association Strategic Default


Hilarious!

What happens when the Mortgage Bankers Association walks away from their $79,000,000 dollar building!


The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
Mortgage Bankers Association Strategic Default
www.thedailyshow.com
Daily Show Full Episodes Political Humor Rally to Restore Sanity
© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

Rep. Conyers and Kaptur letter to Geithner, Fannie, FHFA to Stop Efforts to Pursue Strategic Defaulters

Rep. Conyers and Kaptur letter to Geithner, Fannie, FHFA to Stop Efforts to Pursue Strategic Defaulters


You know… after MOJO’s article “EXCLUSIVE: Fannie and Freddie’s Foreclosure Barons”

I’m not so sure this is a wise decision to go after strategic defaulters on their part mainly because they are associated with “Strategic Fraudsters”! I don’t think they realize this may not be limited to just Florida…Attorney Generals in every state should follow Florida’s lead on investigating the Foreclosure Mill’s in their states and see whether or not they are following the correct legal procedures to.

If I were Fannie and Geithner, I would seriously reconsider anything plans they may have.

[ipaper docId=35920499 access_key=key-2i1iwywv2265lawj8oy3 height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in conspiracy, fannie mae, FHA, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, geithner, investigation, walk awayComments (1)

Moody’s Questions Feasibility of Fannie Mae’s Strategic Default Policy

Moody’s Questions Feasibility of Fannie Mae’s Strategic Default Policy


Edit: From a viewer who makes it clear.

The GSE rule is: A borrower is denied equal access to government supported financial markets for seven years unless the borrower “waives” rights to challenge servicer claims? This is a direct attempt to deprive an individual of access to the legal system in order to redress grievances. This is an unconstitutional exercise of power by these quaisi-govt authorities controlled by government. If the govt cannot do that in its own name–how can it be proper to do it under a nameplate of an entity owned and controlled by the government. Aside from implications in respect of civil liberties, it is not even good financial policy for servicers and lenders to be automatically released of liability for predatory lending and collection activities. This rule can have only one effect and that is to encourage more abuses. This is tantamount to abolishing judicial oversight of lending abuses.

By: Carrie Bay 07/26/2010 DSNEWS

Last month, Fannie Mae announced new policy changes intended to deter financially competent homeowners from walking away from their mortgage obligation by imposing stiffer penalties for strategic default – a phenomenon that has become increasingly more common as home prices have plummeted and more and more borrowers find that they owe more on their mortgage than the home is worth.

The GSE says borrowers who intentionally default when they had the capacity to pay or those who do not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage for a period of seven years from the date of foreclosure.

Fannie Mae says the policy change is designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. While a bold attempt at preventing unnecessary foreclosures, the analysts at Moody’s Investors Service argue that the GSE may encounter snags ahead since figuring out who to penalize for strategically walking away will be a significant challenge and implementing the policy could be difficult.

Previously, the GSE barred homeowners who’d been foreclosed on from obtaining a new mortgage for five years. However, Fannie Mae’s new policy extends the foreclosure-waiting period to seven years unless the borrower can prove that they faced extenuating circumstances when they defaulted on the loan.

For borrowers who can prove hardship or document that they attempted to contact their servicer to obtain a loan workout, the waiting period could be reduced to as little as three years. For borrowers who attempt to “gracefully exit” their mortgage obligation by means of a short sale or a deed in lieu may only have to wait two years to obtain a new Fannie Mae mortgage.

Continue reading… DSNEWS.com

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conspiracy, deed in lieu, fannie mae, fico, foreclosure, foreclosure mills, foreclosures, servicers, short sale, STOP FORECLOSURE FRAUD, walk awayComments (1)

Well, Would You Look At That…Homeowners Scared the Heck Out of Fannie Mae

Well, Would You Look At That…Homeowners Scared the Heck Out of Fannie Mae


A few weeks ago, Fannie Mae issued an outright threat to homeowners in this country, creating a new rule that would punish anyone who stops paying their mortgage and walks away from their home, referred to as a “strategic default,” by not allowing those who choose that path to get a Fannie Mae loan for seven years.

They call it their “Seven-Year Lockout Policy for Strategic Defaulters,” and if you haven’t realized it already… look what’s been accomplished here: Homeowners have scared the heck out of industry giant, Fannie Mae.  I mean… these guys are shaking like leaves, absolutely running scared.  I know homeowners have been feeling like they have no power against the bankers, but this should prove otherwise.  It’s like we pushed the bully, and the bully ran home and got his Mom to come lay down a new rule in response.

On Fannie’s Website, Terence Edwards, Executive Vice President for Credit Portfolio Management has the following to say about the new rule:

“Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting.”

Bad for borrowers, Terrence?  Really, how so?  Are you trying to say that people who walk away from their underwater mortgages are doing it because it’s bad for them?  Because I don’t think they think that, Terence.  I’m pretty sure that those that choose to walk away from their mortgages do so because they’ve figured out that it’s better for them… in their own best interests, as they say.

Hey Terrence, you disingenuous prick, I understand that my walking away from my mortgage is bad for you, but that’s only because my house is now worth half of what I owe.  You wouldn’t mind if I walked away from my mortgage if I had equity, right?  So, in other words, you want me to lose the couple hundred grand instead of you, does that about sum up your position here?  Yeah, well… I’m sure you do.  But I, on the other hand, would prefer that you lose the money instead of me.  Sorry about that.

Terrence, last I checked you’re just a giant failed mortgage lender who is as much a part of why we’re in this mess as any, and you’re going to need $1.5 trillion in taxpayer dollars to bail you out.

I’m a taxpayer, Terrence… isn’t that enough of a loss for me to take on your behalf?  You want me to contribute my tax dollars and probably my child’s future tax dollars to your $1.5 trillion bailout.  And on top of that, you also want me to eat the loss of a couple hundred grand on my house?

Geeze… when are you guys planning to kick in on this?  Your CEO gets a $6 million a year salary, I looked it up, and best I can tell he gets paid to say “yes” to just about everything.  I don’t know, Terrence, but I’m pretty sure that I could have bankrupted Fannie Mae for a lot less than $1.5 trillion.

Walking away from a $500,000 mortgage on a house that’s now worth $250,000 isn’t bad for the borrower, it’s good for the borrower… it makes all the financial sense in the world, for the borrower.  I mean, would you recommend that someone hold onto a stock that’s lost half its value.

Continue reading…Mandleman Matters

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in conspiracy, CONTROL FRAUD, corruption, fannie mae, foreclosure, foreclosure fraud, foreclosures, STOP FORECLOSURE FRAUD, walk awayComments (1)


GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives