Fannie Mae Announces Year-End Servicer Performance Scorecard Results
By Daniel Edstrom
DTC Systems, Inc.
Quote from news release dated March 15, 2012:
The STAR Program was created to establish standards and recognize excellence among Fannie Mae servicers in their overall performance, customer service, and foreclosure prevention efforts.
Another Quote:
Overall STAR performance rankings are issued on an annual basis each April.
Apparently Fannie Mae missed the flood of Cease and Desist Consent Orders issued by various government regulators on April 13, 2011 for unsafe or unsound foreclosure policies and practices. The government regulators were the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Federal Housing Finance Agency.
Fannie Mae has apparently missed the fact that nothing has changed and the servicers are not abiding by the Cease and Desist Consent Orders, unless they are doing this in secret or on a limited basis.
Here is the text of the news release, followed by the STAR Scorecard results for the previous quarters in 2011. Continue reading “Fannie Mae Announces Year-End Servicer Performance Scorecard Results” »
Georgia Rules Secured Creditor Must Be In Chain of Title Prior To Foreclosure Sale
By Daniel Edstrom
DTC Systems, Inc.
Information from Nye Lavalle and stopforeclosurefraud.com (http://stopforeclosurefraud.com/2012/03/18/stubbs-v-bank-of-america-bac-fannie-mae-ga-nothern-district-court-bac-was-not-the-secured-creditor-entitled-to-foreclose/). Read the entire 14 page ruling for everything, or the following notable excerpts.
Excerpt 1
In a letter dated July 20, 2010, McCurdy & Candler, L.L.C., informed Plaintiff that the property was scheduled for public foreclosure sale on September 7, 2010, before the courthouse door in Fulton County, Georgia. (Id. at Ex. B.) The letter identified BAC Home Loans Servicing as the creditor and stated that the entity with the full authority to discuss, negotiate, or change all terms of the mortgage was Bank of America. (Id.) The foreclosure occurred, and Fannie Mae is now representing to Plaintiff that it owns his home pursuant to the foreclosure sale and demanding that he vacate the property. (Id. ¶ 8.)
In his amended complaint Plaintiff specifically asserts that Fannie Mae owned his loan at the time of the foreclosure and BAC was merely the servicer. (Id. at ¶ 11.) He attaches to the complaint letters from Bank of America and its counsel, dated June 28 and October 13, 2010, which state that Fannie Mae (or in the second letter “FNMA AA MST/SUB CW Bank REO”) is the owner of his mortgage loan and Bank of America/BAC is the servicer. (Id. at Exs. D and E.) These letters identifying Fannie Mae as the secured creditor considered alongside the foreclosure notice letter identifying BAC as the secured creditor created confusion about the identity of the holder of the loan. Plaintiff alleges that no assignment to Fannie Mae was recorded in the county deed records prior to the foreclosure sale. (Id. at 12.) Continue reading “Georgia Rules Secured Creditor Must Be In Chain of Title Prior To Foreclosure Sale” »
World Savings Bank and Fannie Mae Securitizations
By Daniel Edstrom
DTC Systems, Inc.
We have already shown that World Savings Bank securitized commercial and residential loans. See the following posts:
http://dtc-systems.net/2010/12/world-savings-bank-living-legacy-subprime-crisis/
http://dtc-systems.net/2011/03/world-savings-bank-loans-were-securitizated/
http://dtc-systems.net/2011/12/world-savings-bank-wells-fargo-admits-loans-securitized/
Now we show that World Savings securitized multi-family housing into Fannie Mae pools. These “pools” are REMICs. This deal contains 9 multi-family properties with fixed rate balloon loans. That’s right – no option ARM loans, which is what World Savings Bank is known for.
Download part 1 of the Trust Indenture here: http://dtc-systems.net/wp-content/uploads/2012/03/1-FixedRate_TrustIndenture_Part_1_1982_last_updated_1987.pdf
Download part 2 of the Trust Indenture here: http://dtc-systems.net/wp-content/uploads/2012/03/2-FixedRate_TrustIndenture_Part_2_1982_last_updated_1987.pdf
Download the Prospectus here: http://dtc-systems.net/wp-content/uploads/2012/03/3-Prospectus_2003_09_01.pdf
Download the Prospectus Supplement here: http://dtc-systems.net/wp-content/uploads/2012/03/4-Prospectus_Supplement_1_2003_09_01.pdf
Download the Prospectus Supplement Pool Statistics here: http://dtc-systems.net/wp-content/uploads/2012/03/5-Prospectus_Supplement_Pool_Statistics_2003_09_01.pdf
Download the Pool Loan Schedule here: http://dtc-systems.net/wp-content/uploads/2012/03/6-Pool_Loan_Schedule.pdf
Wells Fargo Bank and Patricia Martin Part 2 – A Bank that Cannot Be Trusted
By Martin Andelman
Mandelman Matters
Reposted from http://mandelman.ml-implode.com/2012/02/wells-fargo-bank-and-patricia-martin-part-2-a-bank-that-cannot-be-trusted/
Okay, so here’s a quick recap, in case you’re coming in late, followed by an update that demonstrates very clearly why I say that Wells Fargo Bank and the law firm, Anglin, Flewelling, Rasmussen, Campbell & Trytten LLP… cannot be trusted.
First the Short Recap…
Patricia Martin, age 65, having lived in her home for 44 years, had major back surgery, so she had to send her daughter into the bank to make two payments. There were late fees of about $80 a month, but the person at Wells Fargo said they could be paid later, and accepted the check for the two payments.
The following month, October, Patricia’s home heating system required major repairs, so the next time she was able to make her mortgage payment was the following month, November. But, when she tried to make the payment, the bank said that she hadn’t made the September payment, and in fact, she was in default, and had to come up with $4829.96 by November 30th, or the bank would foreclose. Continue reading “Wells Fargo Bank and Patricia Martin Part 2 – A Bank that Cannot Be Trusted” »
