Fannie servicing liquidating plan dating website criticism
Was Treasury calling the shots, and not the FHFA, which is actually the entity prescribed by HERA statute as the official conservator of the GSEs?If there really was no request-for-proposal, did Treasury enact the Third Amendment sweep without seeking any outside input or advice?PHOTOGRAPH BY PAUL SAKUMA—AP PHOTOThe government had injected 7.5 billion into the GSEs after placing them in conservatorship in September 2008.But both seemed to be recovering on schedule, ending the first quarter of 2012 in the black and posting a whopping combined billion profit for the second. 17, 2012—about 10 days after the terrific second-quarter results were announced—something singular happened. For all practical purposes, the GSEs’ shareholders were wiped out.Most stories about the financial crisis of 2008, the darkest chapter in American economic history since the Great Depression, come to an end by 2012. After the housing market bottomed out in 2011 and began its upward trajectory, the nightmare seemed to end. Most of the too-big-to-fail institutions had either paid back their federal bailout money or were on track to do so. Fannie and Freddie, shorthand for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., are known as government-sponsored enterprises, or GSEs, because of their unique structure: federally chartered yet privately owned. Shareholders of Fannie Mae (fnma) and Freddie Mac (fmcc), the housing-finance behemoths at ground zero of the crisis, thought it would be their story line too.
An unnamed spokesperson for Treasury downplayed the revelation, saying, "Treasury did not issue a request for proposals, and no contract was awarded." But that raises a host of questions from Investors Unite and, frankly, this writer.
Note: This does not apply if the prior mortgage loan modification was If the borrower converts from a Trial Period Plan to an Unemployment Forbearance plan, the borrower may subsequently be eligible for a Fannie Mae standard modification upon successful completion of the Unemployment Forbearance plan and, if eligible, must be placed in a new Trial Period Plan.
The servicer must obtain an updated complete BRP if the previous documentation submitted is greater than 90 days old, with the exception of an Note: See D2-3.2-09, Fannie Mae Streamlined Modification Post Disaster Forbearance and D2-3.2-10, Fannie Mae Cap and Extend Modification for Disaster Relieffor eligibility for providing assistance to eligible borrowers impacted by a disaster.
(Form 710), or equivalent, to determine the borrower’s total assets and must compare the liabilities listed on Form 710, or equivalent, to a recent credit report.
In order to be eligible for a Fannie Mae standard modification, all of the criteria in the following table must be met.