Fannie Report Warned of Foreclosure Problems in 2006

Fannie Mae was warned in a 2006 internal report of abuses in the way lenders and their law firms handled foreclosures, long before regulators launched investigations into the mortgage industry’s.

The Enterprises’ foreclosure prevention actions increased while the number of 60+ days delinquent loans continued to decline in the first quarter. A total of 49,104 foreclosure prevention actions were completed during the quarter.

In 2005, Fannie Mae hired a law firm to investigation the allegation. In 2006, the law firm reported that it had discovered that foreclosure attorneys in Florida were "routinely filing false pleadings and affidavits." Fannie officials said that they informed a government official of the findings of the law firm.

We were warned that as foreclosures increased, that Guideline changes would follow. So the new Fannie Mae Guidelines for Foreclosures, Short Sales, and Bankruptcies should not come as a surprise. Those that have tried to justify Strategic Defaults need to seriously rethink their position, because as these voluntary defaults increase the number of foreclosures, additional Guideline changes will.

Investigation peers into foreclosure problem depths. March 13, 2012 By Jon Prior.. according to the report. Problem executives.. Calabria says he’s willing to wipe out Fannie Mae, Freddie.

Fannie Mae was warned in a 2006 internal report of abuses in the way lenders and their law firms handled foreclosures, long before regulators launched investigations into the mortgage industry’s.

Inside the numbers on Portland’s surging small business lending market (Infographic) – SBA lending has been growing rapidly with the strong local economy. Over the last five years, the Portland SBA office has grown the total amount of loans it supports 15.8 percent, from $457.4 million.

This report covers accomplishments and activities in 2005 and early 2006. These include the annual examinations of Fannie Mae and Freddie mac and its conclusions, the building of OFHEO oversight capabilities, and legislative recommendations pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

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June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development.

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