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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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?

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Write-OFF Mania

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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