Fannie Mae made its announcement just this Tuesday, instructing mortgage servicers that they "may not refer any new Fannie Mae foreclosure or bankruptcy cases in New York to Steven J. Baum, PC." A similar notice was issued by Freddie Mac last Thursday, November 10. Both have also announced the immediate effectivity of their new policy.
mortgage servicing rights between servicers and provide examples of different processes to review as part of the servicer oversight. The best practices documents also convey Fannie Mae expectations for master servicers and their subservicers with respect to the servicing obligations owed to Fannie Mae. The Guide Announcement is available . here.
Susan Stewart is 2019 MBA Vice-Chairman of the Mortgage Bankers Association and CEO of SWBC Mortgage, a full service mortgage banking firm headquartered in San Antonio, Texas. She currently serves as a member of MBA’s Board of Directors, is the immediate past Vice-Chair of the MBA’s Residential Board of Governors (RESBOG).
Fannie and Freddie tell mortgage servicers not to refer new cases to Baum firm The servicers of Freddie Mac and Fannie Mae-owned mortgages can no longer refer foreclosure cases to the Baum firm, though the firm will retain the cases already referred to it. Freddie Mac’s bar on new referrals also includes bankruptcies and was announced on Nov. 10.
For those who believe that some reconfigured version of Fannie and Freddie is the best alternative for the mortgage finance system going forward, the fact that their earnings have returned to levels insufficient to cover their pre-sweep dividend obligations highlights the importance of prevailing not just in the net worth sweep cases but also in the washington federal lawsuit.
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One argument focuses on the government’s role in mandating that Fannie and Freddie extend mortgage credit in areas where they otherwise would not have, thus "forcing" the GSEs to make loans to borrowers likelier to default because of insufficient income, poor credit histories, or both.
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· While the title may not make it seem applicable to Fannie Mae, Freddie Mac, FHA, VA loans etc, much of this 84 page document will provide important and relevant information. Since my loan isn’t a GSE loan, it’s applicable to me, and I refer to it frequently. I’ve been unable to locate such a comprehensive publication governing GSE loans.