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Fannie's Fraud

sanduskyregister.com | October 13, 2014

The Hurts' Story

We’ve seen many cases over the years where our clients’ mortgage loans are owned by Fannie Mae or Freddie Mac, which are government supported entities. From this experience it is fair to conclude that Fannie and Freddie are no more interested that their private sector cousins in helping people save their homes. For example, their “Servicing Guidelines” (available online), meant to protect homeowners with distressed mortgages, are uniformly ignored by loan servicers (entities hired to collect the monthly mortgage payments, often mistaken for “the bank," or the owner of the loan), and HAMP, a federal government mortgage relief program which millions of those same homeowners could qualify for, are falsely denied that relief by the servicers, even when the loans are Fannie’s or Freddie’s.

The Hurts’ case, however, is the first one we’ve seen where Fannie is an active participant in the homeowner fraud. In 2011, the Hurts were sued for foreclosure by their loan servicer. A cursory review of the promissory note and mortgage attached to the Complaint quickly demonstrated that the servicer was not the proper party to be seeking foreclosure. The Note lacked a critical endorsement, and the Mortgage had a fatal break in the chain of assignments. For this reason, that case was dismissed, only to be revived by Fannie Mae in the way of a brand new foreclosure complaint in the past several months.

This time around, Fannie itself is the plaintiff (the party bringing the action). And lo and behold, the critical missing endorsement from the first foreclosure magically appears on the Note attached to the new Complaint, and a “Corrective Assignment” amateurishly attempts to wipe out the fatal defect in the chain of mortgage assignments. All things considered, it looks like Fannie agreed to bring the new case to give it the appearance of legitimacy, hoping that by doing so the defects would be covered up in the foreclosure process.

This will not happen. We have already pointed these glaring deficiencies out to opposing counsel, and are confident that he will have a long hard discussion with his client, Fannie. Hopefully, the result of that discussion will be another dismissal of the foreclosure case, this time for good. We believe that with two bites at the apple, there will not be a third. Be that as it may, it is indeed shameful that an organization like Fannie, quick to put its hands out for hundreds of billions of dollars of government bailout money, is just as quick to cheat the very people from whose pockets that money came from. Homeowners, don’t trust Fannie or Freddie any more than the foreclosure driven private sector mortgage servicers when it comes to affording you mortgage relief!

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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