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Freddie dropped the ball on $4.6 BILLION in mortgage collections

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Mortgage Professional America | 26 Sep 2013, 06:00 AM Agree 0
Freddie Mac didn’t bother going after homeowners who owed about $4.6bn on their mortgages, according to a report released yesterday by a federal oversight agency
  • Cary Michael | | 26 Sep 2013, 09:42 AM Agree 0
    They found it eaiser just to raise GSE fees and screw the people that pay their mortgages on-time and fulfill their obligations.
  • Bayview Mortgage Inc. | | 26 Sep 2013, 11:06 AM Agree 0
    The story said, it's vendors lost the ability. Obviously freddie was tired of waisting money on collections that don't work. Who cares if the collection agencies lost money. Freddie was probably tired of selling the debt for pennies on the dollar. In my opinion. Any creditor that sells a debt for pennies on the dollar should loose 100% of the tax write off.
    Anyone that has a foreclosure. Should automatically file a Bankruptcy. This way the lender and the mortgage insurance company can't collect.
  • Al Bojorquez | | 26 Sep 2013, 11:25 AM Agree 0
    J. Scott Harris doesn't know what he's talking about. Not completely. It isn't only the poorly qualified have gone into foreclosure.

    This ignorant government with the help of the even more stupid Barney Frank and the rest of his financially clumsy associates ruined the real estate and mortgage markets.

    Real estate agents and mortgage professionals with decades of experience are losing their homes to foreclosure, short sale and the like due to fact that the government idiots obliterated the economy and the real estate market.

    These professionals, in a normal market, would have easily been able to continue paying on their mortgages.

    But now they've gone through their savings and retirement funds paying for their mortgages and every day living expenses hoping the market would recover soon enough to keep their homes.

    It didn't and the government idiots get to keep their jobs and keep their over paid and undeserved salaries while the citizens of American go down in flames.

    Thank you government, thank you Barney Frank and all of your moronic friends!!!

    This government induced economy from hell, not necessarily poorly qualified buyers brought on the foreclosures. So, Harris, get the facts straight, although you might be a socialist, it's the government stupid!
  • mortgageit | | 26 Sep 2013, 12:55 PM Agree 0
    So lets put this into its proper perspective, if you own a company and you hire a debt collection service and they don't do anything wouldn't the accounting firm handling your books see this? Wouldn't someone say hey the people living at 123 Main Street Anytown USA haven't paid their mortgage for 3 years and we are paying their property taxes what should we do? This is called absentee management, nothing else.
  • J. Scott Harris | | 26 Sep 2013, 01:49 PM Agree 0
    The article didn't supply room for the full example. We had a buyer in Oklahoma that hit on hard times and "sent the keys back" on a home in 2010. For the past 3+ years, they have rented, stabilized their income and re-built their credit.
    FHA allows mortgage approval after 3 years on a foreclosure. BUT, the lender let sit vacant for over 2 years. They finally transferred the deed and resold the home in 2012. Unfortunately for our borrower, the 3 year waiting period runs from the date of the sheriff's sale deed on 5/2012. They will be unable to buy a new home until 5/2015.
    Maybe FHA's new guidance in the Mortgagee Letter 2013-26 will help. But, we have not seen any of the major banks or correspondent lenders remove their overlays yet.
  • Quentin with 23 years as an LO. | | 26 Sep 2013, 02:35 PM Agree 0
    Al....buddy.....J. Scott is dead on accurate. Your diatribe is touching base on far too many different are completely missing the point. Maybe you shouldn't think so much.
    You aren't even aware of what makes a person a socialist. Slow down your roll, focus on getting yourself more mortgages instead of bashing things you obviously know very little about. Just a thought....
  • michael h | | 27 Sep 2013, 12:34 PM Agree 0
    What about turning over all the files to the IRS ? Not all of them will qualify as insolvent or for debt forgivness. Idiots All
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