Through our Mortgage Consumer Rights agenda and American Dream Commitment®, we are committed to increase and support public advocacy to protect mortgage consumer rights. We believe that all home-buying consumers should be treated equally and should have access to the lowest cost mortgage for which they qualify. We also want home-buying consumers to know the true cost of the mortgages they are being offered -- including all fees and charges.
We are pursuing our goal to eliminate predatory lending practices through an eight-point responsible lending strategy that includes
* Issuing business guidelines to avoid purchasing loans with abusive features. The business guidelines can be found on page 6 of the 2000 Lender Letter PDF -- Lender Letter 03-00.
* Expanding the application of conventional conforming practices to the subprime market
* Advancing a Mortgage Consumers Bill of Rights agenda
* Offering a broad range of alternative responsible products
* Leveraging technology to expand markets and reduce costs for consumers
* Working with our servicing partners to keep borrowers in their homes
* Providing tools and resources for the home-buyer education industry that allow educators to assist potential borrowers in preparing for homeownership and understanding the total costs associated with homeownership
* Supporting the Fannie Mae Foundation and its consumer outreach and education efforts.
We are also continuing to develop innovative products and tools for our partners to ensure that consumers with impaired credit have more alternatives. For example, Fannie Mae's Expanded Approval mortgage option and the Timely Payment Rewards® rate reduction feature -- both offered through Desktop Underwriter® -- are designed to assist consumers who have experienced past credit problems. A borrower who is recommended for approval for either of these would be eligible for an initial mortgage interest rate that is less than the rates currently available through subprime loans.
At Fannie Mae, we also believe that home-buyer education is key to preventing consumers from falling victim to predatory lending practices. We continue to work with our lending and other housing partners to ensure that consumers have the resources they need when searching for a home to identify the lowest cost mortgage for which they qualify.
For more information on Fannie Mae's innovative mortgage products, call the Fannie Mae Resource Center at 1-800-7FANNIE.
Fannie Mae is taking a leadership role in promoting responsible lending, and is working in local communities throughout the nation to help develop solutions to the problem of predatory lending.
In addition, other groups offer information that can help you identify and avoid predatory lending practices:
* www.stopmortgagefraud.com (by the Mortgage Bankers Association of America)
Fannie Mae makes no representations or warranties of any kind for the contents of third-party Web sites or for any products or services mentioned by the Web sites.
Source: Fannie Mae Release
Predators Freddie Mac, Wells Fargo and Fraudulent Foreclosures
Real estate foreclosures are bonanzas for deceptive lenders because foreclosures enable PROPERTY FLIPPING, and flipping enables those lenders to mislead investors concerning housing market profits! Because of FRAUDULENT FORECLOSURES, SCORES OF PEOPLE HAVE NOT LAWFULLY LOST OWNERSHIP OF THEIR HOMES, AND LEGALLY ARE STILL THE OWNERS, but they do not know it! And, despite that some foreclosures are null, some homeowners are being sued for “DEFICIENCY.”
Debt collector attorneys file foreclosures naming defunct mortgage companies, or companies which no longer hold the notes; or affix collectors' fees exceeding "Acceleration Clauses." If homeowners sue or "Unfair Debt Collection Practices," collectors make more $$ through protracted litigations. Additionally, some collectors file in Bankruptcy Court falsified motions to "Lift Stay" pleadings for purposes of accomplishing SIMULATED AUCTIONS of real estate properties.
In States like Louisiana, because Wells Fargo and Freddie Mac greatly benefit from fraudulent foreclosures ANY representation about $$$ billion dollar losses due to people defaulting on mortgages should be weighed against needless payments of legal fees to law firms which outmaneuver -and even persecute people who file court proceedings in opposition to fraudulent foreclosures and repossessions.
Fact> For a purported debt of $86,000.00, through use of a non-existent mortgage company, attorneys racked up more than a quarter of a million dollars in litigation fees. Later, the property was sold to a 3rd party for $37,000.00. Investors got nothing, nothing practical was accomplished by evicting the homeowners, and neighborhood property values declined.
In August 2005, Freddie Mac evicted property owners because Freddie Mac (FALSELY) claims to have purchased their property in year 2005, from a mortgage company which has been defunct since year 2002. **PROOF, including the “successor in interest” affidavit from that defunct company is posted at www.lawgrace.org.
Securities Investors need to become more knowledgeable, responsible and take action about collectors as well as mortgage servicers' misdeeds which hurts borrowers as well as siphons incalculable amounts of money from what Investors profit. Also, see "Limiting Abuse and
Opportunism By Mortgage Servicers," AND "Private Property Rights Deferred: Has Predatory Mortgage Servicing Destroyed The American Dream" by Rawle Andrews, Jr., Esq.,and Leroy Jones, Jr., J.D. at http://www.msfraud.org/index.html.
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Here's a few more links:
-Mortgage Mess, Foreclosure Fraud and Impediments to Justice
http://newsblaze.com/story/20071203130614tsop.nb/newsblaze/TOPSTORY/Top-Stories.
-ILLEGAL REAL ESTATE FLIPPING...
http://www.lawgrace.org/2007/06/21/illegal-real-estate-flipping-unfair-enrichment-etc/
-Comment on the Foreclosure of Judge Reginald Badeaux's Home
http://www.lawgrace.org/2007/12/08/my-december-7-2007-comment-posted-to-the-times-picayune-blog-about-the-news-article-entitled-%e2%80%9cjudge-gets-debt-reprieve-badeaux-has-skipped-mortgage-payments%e2%80%9d-the-foreclosure-of-this-lo/
-Federal Judges' Pay Raise; New Orleans Federal Judiciary Call To Impeach
http://newsblaze.com/story/20080101084831tsop.nb/newsblaze/TOPSTORY/Top-Stories.html
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Barbara Ann Jackson
Law & Grace, Inc