Fannie mae foreclosures in evergreen park illinois

#FANNIE MAE FORECLOSURES IN EVERGREEN PARK ILLINOIS MAC#

To the contrary: Fannie and Freddie over the years have prodded law firms and mortgage servicers that collect payments to move even faster. She explained that with вЂњevery monthвЂќ that passed, вЂњweвЂ™re losing money.вЂќДid Fannie, she was then asked, have any safeguards to ensure that law firms rushing to foreclosure followed the law? вЂњI donвЂ™t know of any policies and procedures,вЂќ she answered.

вЂњWe felt that timelines and the time it took to foreclose on a piece of property. In a deposition, Susan Reid, an associate general counsel who oversaw SternвЂ™s firm for Fannie until two months ago, was asked by a lawyer representing borrowers why her company hired law firms such as SternвЂ™s to handle foreclosures. In 2000, the Fannie executive responsible for overseeing outside law firms in Florida was questioned about SternвЂ™s firm in connection with a class-action lawsuit alleging it had charged borrowers bogus fees based on fraudulent paperwork. Stern in Florida, which built a hundred-million-dollar-plus business foreclosing on the tens of thousands of borrowers who lost their homes in the housing crash. That firm was the Law Offices of David J. Not only did the companies urge swift foreclosures, but in at least one case, Fannie executives also green-lighted working with a firm that they knew firsthand had engaged in legally questionable practices, according to documents and interviews with lawyers and industry officials. Speed was essential because delays cost the companies money - and, after they were taken over by the government two years ago, that meant losses for taxpayers too. They picked law firms that could foreclose fast and paid them based on how many foreclosures they could process.

#FANNIE MAE FORECLOSURES IN EVERGREEN PARK ILLINOIS MAC#

Today, problems with documents handled by firms on FannieвЂ™s list - and a similar one created by its smaller rival Freddie Mac - are at the heart of federal and state probes over faulty foreclosure practices that now threaten the housing market.ДЇannie and Freddie, the largest mortgage companies, shaped the practices being challenged in courtrooms across the country. It named an exclusive group of law firms that would help rapidly carry out the unsavory task of filing legal paperwork to remove homeowners from their homes. WASHINGTON - As the housing market came crashing down in 2008, the giant mortgage company Fannie Mae took an unprecedented step to help tackle the rising tide of foreclosures. Digital Replica Edition Home Page Close Menu

Fannie mae foreclosures in evergreen park illinois