As if the housing crisis is not bad enough, Fannie is now going to fine servicers who ARE NOT foreclosing!
Yes, that is right if your local servicer does not foreclose on you they get a big fat fine.
I am sorry this is short and a hit and run since I need to go make some money. I just felt this needed to be out in the public discussion.
I have many friends and acquaintances who are behind on their mortgage. Nothing they can do it is simple math. More money going out on food, medicine, clothes, car expenses (to get to work to make money) than coming in. Unless you have an 80 inch 4D TV and two Porches in your driveway you should not be ashamed. We know who created this economic mess. Not to name names but starts with BU and ends with SH.
Back to the point....
Mortgage servicers who have delayed the foreclosure process for delinquent borrowers may now get fined. Fannie Mae announced it will retroactively fine mortgage servicers for failing to process severely aged loans in foreclosure
They are getting our tax dollars to keep afloat. They contribute to the mess we are in now, and they want to fine the servicers for not foreclosing quickly enough? Who was the asshole that came up with this idea, and why did no one in the room say, "Umm that might not be a good idea."
Very very angry!
Here is the link to the article
Housing Wire Article