New news from fannie mae you wont believe this

[davephx]

NEW NEWS FROM FANNIE MAE YOU WONT BELIEVE THIS

Many of the reasons modifications are not going throught it seems is not the servicers fault but Fannie/Freddie.

I am posting this on various threads since if will effect so many of us.

Anyone that has had a foreclosure notice has to RESTART FROM SCRATCH the HAMP program per CitiMortage Thomas ID17742. He himself says he has to notify and redo 4000-5000 customers that just he as one person is assigned to.

There is a post about a week ago that seemed unbelievable that FANNIE was not authorizing any modificatons. That seemed impossible but it turns out it may have been true.

This is what I understand.

While at least a dozen times I have been told the Modification Agreement would be sent (was on the HAMP trial as of July) I never received any.

The reason is FANNIE MAE (and also told Freddie Mac) will not set up mods if you are in foreclosure status.

I am in foreclosure status since I was lied to being told not to send in updated financial info until I was contacted by a "processor" and everything looked in order. Than I got foreclosure notice.

FANNIE MAE according to CitiMortgage will not allow you to get off of foreclosure status until the HAMP Mod is finalized. But they won't send the paperwork to get on the HAMP Trial if you are in foreclose status.

This dispite many directives not to put anyone in foreclosure status before trying to qualify you for HAMP or other foreclosure alternatives.

NOW supposedly Fannie Mae/Freddie just last week figured out this problem.

Again according to the CitiMorgage person, I now am not on the HAMP Trial. This dispite all the confirmations for last two months that I am and have made 2 trial payments. Being on the HAMP was confiremd to my HopeNow escalation team member on a conference call about a week ago. Now that has all changed for me and zillions of others with all servicers supposedly if loan owned by Fannie or Freddie (about 85% of all 1st mortgages are)

Last week Fannie/Freddie figured out the mess and is saying HAMP's can be restarted for those they would not start on HAMP because they were in foreclosure.

So now I am told I am restarted again on HAMP. What about my two prior trial payments? Checks with a supervisor and is told they will be credited to new just started HAMP trial.

What about the foreclosure sale 10/26 which is my biggest concern?

It seems its now a race. For about the 12th time, request to send me the Trial Mod paperwork is being sent to Fannie and within "up to 10 business days" (about 2 weeks) it will then be overnighted by UPS to me (as I've been told the same for months)

Get the forms back to them as fast as possible and they will try and race the clock to get it through all their review and verification process before the home is sold.

This is totally incredible.

[BobandArlyn]

All I can say is HOLY CRAP!!! This NEEDS to go to the Reporter that wrote about Citibank the other day...What do you think Moe?

[davephx]

If what Citi (and earlier BofA said similarly on another post) is true... It is more the fault of Fannie/Freddie than it is the servicers.

We may be aiming blame at least in part in the wrong direction, although most are getting conflicting advice and info from their own servicers. But this mess was dropped on them from Treasury and now again based on what Citi tells me Fannie/Freddie may be more to blame.

[ama125]

I think we need to do an email blast to Fannie and Freddie. I know Jerry Weiss is the one in charge at Freddie for overseeing MHA compliance (Dave and I both sent emails that got the same canned response). But imagine if they got flooded with emails from all of us here. Does anyone know who's in charge of this for Fannie? And of course, we'd have to copy the Treasury on all the emails. Anyone find out how to email Timothy Geithner?

[AzGryffindor]

On page 12 of BofA's MHA agreement it shows it was signed by a Leslie Peeler, VP, with Fannie Mae.

On page 8-9 it lists addresses for notices. The one listed for Fannie Mae is:
3900 Wisconsin Ave NW
Washington DC 20016
Attn: General Counsel

The email and fax have been blacked out. So much for transparency.

http://www.financialstability.gov/do...0Agreement.pdf

[ama125]

Originally Posted by AzGryffindor

On page 12 of BofA's MHA agreement it shows it was signed by a Leslie Peeler, VP, with Fannie Mae.

On page 8-9 it lists addresses for notices. The one listed for Fannie Mae is:
3900 Wisconsin Ave NW
Washington DC 20016
Attn: General Counsel

The email and fax have been blacked out. So much for transparency.

http://www.financialstability.gov/do...0Agreement.pdf

Thanks AZ! Gee, I wonder why they would black that out?! I guess they had a sneaking suspicion us homeowners would want that info! Now I'm just more determined to find that information out. Thanks for posting!

[nativelasvegan]

I agree that we need to target Fannie and Freddie. The servicers are the "middle man", we need to go directly to the source. It sure would be nice to get media exposure to point the finger at these government entities.
If anyone is communicating with their political officials, please be sure to tell them that we feel the reason for the delay is actually through these 2 entities: fannie and freddie.
I have sent several emails to Geithner, they were not returned undelivered, nor were they responded to.
timothy.geithner@do.treas.gov