Fannie Urging Servicers to Lie and Cheat Under Penalty of Steep Fines

Fannie Sets New Foreclosure Timeframe for Florida,….

This is the headline from National Mortgage News just this past Tuesday.  I will reprint the full article below.

What really gets me is that Fannie Mae, no longer a Government Supervised Entity (GSE) but a wholly owned private corporation of the US Government (that’s you and me, isn’t it?) is taking steps to force quicker foreclosures rather then take steps to help stop them.

As you will see in the article, depending on the state, there is a time frame allowed for the servicer to accomplish the foreclosure with steep fines of up to $100 per day if they do not.

Now, those of us who advocate fighting foreclosures and recognize the illegality of many  – if not most of them – know that this type of timeframe/penalty will only lead to more “illegal” activities by the servicers and the law firms (mills) they hire to handle the foreclosures.  If we think it is bad now – and most of us in the inow do – then just wait.  The lack of “due process” that we are currently experiencing will evolve into NO DUE PROCESS at all for any defendant anywhere.  A dangerous precedence setting for our court systems. 

Legal STANDING – having the legal right to take the action – is pretty much meaningless in most court rooms already.  Lack of Assignments  whihc is required to prove a transfer and required by statute in some states also totally meaningless.  Fabricated and/or forged documents by the servicers and their law firms – an obvious illegal act – overlooked by many judges already.  Now with Fannie’s orders to speed up the process, any hope of “fairness” or equity in our court systems will be all but history.

The move towards removing any wealth from the rapidly disappearing middle class is continuing led by the very government we have elected and put in place to protect us and uphold our consitition.

What I don’t get is why all of the attorneys that see the wrongs, want to fight the wrongs and write about these wrongs don’t come together as a group and take “legal ” action to end the illegality.  We have the fighters out there, many blogs call them lawyers “who get it”. 

We have a handful of judges out there like Judge Boyko, the Federal judge in Ohio and Judge Shack, the New York Superior Court judge,
 who early on stood up for the rights of the defendants and took action against the law firms and the servicers who would commit fraud and blatantly disregard the law.  But where are they now?  These are the voices we need heard from.  These were the early pioneers who had the guts to rule against the establishment in favor of what was right.  They upheld the law.

Florida’s new “Rocket Docket” backlog program whereby they have rehired retired judges for the sole purpose of clearing the foreclosure dockets, is truly a sham and against the law.  Where are all of our legal mavens to stand up against such actions.

It is frustrating for me – and I am sure for the many others out there who are championing the cause be they lawyers or consumer activists – to keep writing and speakng out when not only does nothing happen to stem the tide of wrongs but in fact, the tide grows higher quicker.

This foreclosure epidemic, disregard for the rule of law, courts whose mandate is to work in favor of banks not to uphold the law will lead to the downfall of this once great country.  Our rights are gone as will be most of our freedoms. 

What we need to fight this problem is UNITY.  We MUST UNITE as freedom fighters.  We, the lawyers, judges and activists must come together as one with one voice so as to be heard loud and clear by those that would rather see our destruction for their own self serving and greedy gains.

Here now the article from NMN, Fannie Sets New Foreclosure Timeframe for Florida…

Fannie Mae has established new foreclosure timeframes for four states – Florida, Maryland, Nevada and New York – telling seller/servicers they face potentially steep fines if they cannot complete the task.

In a recent servicing announcement sent to seller/servicers, the GSE increased what it calls the “allowable time frame” for Florida foreclosures to 185 days, a 35-day increase. Fannie said it added days “to allow for a mediation referral prior to a foreclosure suit being commenced.”

The new foreclosure deadline for Maryland is 90 days. For Nevada it’s 150.

Fannie gave New York State two time frames: 300 days for upstate, but 420 days for New York City (the five boroughs) and Long Island.

The servicing bulletin (SVC-2010-12) excludes information on the prior time frame for these states. It was issued by Gwen Muse-Evans, vice president and chief risk officer for credit portfolio management.

The GSE specifies that these new time frames are for “routine foreclosure proceedings.” The clock starts ticking on the count when the servicer refers the loan to an attorney for foreclosure.

Two weeks ago, news broke that the GSEs were going to get tougher on foreclosures but few details were available publicly. Fines will be assessed to mortgage bankers based on the outstanding loan balance. If a servicer submits a late ‘REOgram’ it faces a fine of $100 a day.

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