Andrew Wilson, a spokesman for Fannie Mae, said the finance giant is focusing on "strategic defaulters:" those who could have paid. Financial institutions can charge post-judgment interest of an.
"We are working with Fannie and Freddie to build a mechanism" to identify strategic defaulters, Wolfe said at a recent mortgage industry conference. So if you walked away from one property and bought another, chances are fairly good that the OIG is going to find you. Yeah, I can see that happening.
Fannie Mae announced that they are changing the rules so that there is a seven year lockout for borrowers who are considered "strategic defaulters". WASHINGTON, DC – Fannie mae (fnm/nyse) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure.
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So what has the acting head of the Federal Housing Finance Administration – the federal agency in charge of housing giants Fannie Mae and Freddie Mac. These so-called “strategic defaulters” are the.
Fannie Mae has stated that strategic defaulters won’t be eligible for a Fannie Mae-backed mortgage for seven years from the date of the foreclosure. fannie mae also stated that it will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency.
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Fannie Mae wants borrowers to act in Good Faith in working out an alternative solution with the servicer. Simply walking away ("Strategic Default") may subject a borrower to legal action to recoup the outstanding mortgage debt. This means, strategic defaulters may walk away from the property however under Fannie Mae’s new policy, in jurisdictions that allow deficiency judgments, may not.
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Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare. for Fannie Mae, said the.
And they’re having such a widespread negative impact that Congress may crack down on. mortgages to Fannie Mae or Freddie Mac or to private companies who market them as securities, meaning they aren. Fannie Mae to charge strategic defaulters, for Everything. Fannie Mae is sifting through borrower data to determine who is strategically defaulting and who is not after announcing more efforts this week to crack down on those who walk away from their homes.