Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Lenders Tiptoe Into Bulk Sales
Wall Street Journal - Dec 2, 2008
Glut of Foreclosed Homes Spurs Some Trial Runs
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BetterLink
The Home Equity Theft Reporter: Lenders Warming To Idea Of Bulk ...
Better link to WSJ article Here.
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James Odell Barnes, an investor in South Carolina, says he and a group of investor partners recently paid about $1.2 million for a bulk purchase of about 800 homes from Fannie Mae. That works out to about $1,500 apiece on average. A large share of the homes were in Detroit and other depressed Michigan cities; others were in cities including Indianapolis, Pittsburgh, Memphis, Tenn., and Toledo, Ohio. Mr. Barnes says he quickly resold for about $50,000 one of the Detroit homes purchased from Fannie for $1,800.

OK, so the lenders are willing to sell foreclosed home for microcents on the dollar yet they won't make the same concession to let the present occupant stay in the home?

Ken
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Write-OFF Mania
IT'S ALL ABOUT THE BENJAMINS...

The portfolios are insured, so what the hell does fannie care???????

Homeowner gets foreclosed on.

Bank takes property back from the homeowner.

Certificate of Non-Recoverability kicks in, and the bank gets their money back. INSURED POOL/PORTFOLIO, get it??????????

Bank tells the IRS that they wrote off 20k on a 40k loan.

Balance Deficiency kicks in, and the homeowner OWES 20k.

It's ALL GOOD, just ask fannie.



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