Fannie Mae

The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal. It is a government-sponsored enterprise (GSE), though it has been a publicly traded company since 1968. The corporation's purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally-based savings and loan associations (aka "thrifts").
Posts about Fannie Mae
  • Whistleblower Suit Against Quicken Loans Proceeds

    … appraisers and underwriters to fudge numbers simply to close loans. They say he has defrauded taxpayers of millions of dollars. In April of 2015, the U.S. Department of Justice sued Quicken Loans under the False Claims Act, a Civil War anti-fraud statute. The government wants Quicken to pay tens of millions in fines and penalties. According…

    Due Diligence- 19 readers -
  • The Expiration of HAMP: What Options do Homeowners Have Now?

    … estimated it would be implemented by October 1, 2017 (to coincide with the end of HARP) or perhaps as early as this spring. Discuss Your Mortgage Modification Options with a Highly Experienced New York Foreclosure Defense Attorney There continue to be many different options for homeowners to obtain a modification of their mortgage loan even after…

    Ronald D. Weiss, PC- 11 readers -
  • Anatomy of a Force Placed Insurance Scheme (California)

    … on the home. This so-called force placed insurance was issued by American Specialty Insurance Company (ASIC). Insurance giant Assurant owns ASIC and dominates the force placed insurance market. After the missed premium payment and issuance of a force placed insurance policy, ASIC wrote to Wahl to tell her of the new policy. The letter said, “We…

    Due Diligence- 15 readers -
  • The Last Post Crisis Deal? Probably Not – Credit Suisse Whistleblower Post

    … were solid. The Bottom Falls Out of the RMBS Market Credit Suisse and other big lenders were caught with their pants down when the market collapsed in 2008. The loan bundles were soon exposed as junk. Fannie Mae, Freddie Mac and the FHA lost billions when they had to pay off loan guaranties. Most of the big banks have settled the allegations from…

    Due Diligence- 18 readers -
  • Reverse Mortgages – New Class Action Opportunity

    … are guaranteed by the Federal Housing Administration (FHA). Others like Fannie Mae also have similar guaranty programs. Because these products have federal backing, issuers like AAG, RMS and Aegean must certify their loans are I compliance with all HUD and FHA guidelines. Unless the housing market really crashes, taxpayers probably won’t have…

    Due Diligence- 12 readers -
  • USFS Settles Crisis Era False Claims Act Mortgage Fraud Case

    … Settlement with United Shore Financial Services The case against United Shore was prosecuted by the Department of Justice and the Inspector General of HUD. The Office of the Inspector General is the law enforcement arm of HUD. Prosecutors in Washington DC, Madison, Wisconsin and Detroit participated in the case. In announcing the settlement, a Justice…

    Due Diligence- 19 readers -
  • Is Outsourcing a Dirty Word for Mortgage Underwriters?

    … is nothing new… banks and RMBS trusts often outsource servicing work to large U.S. based servicers. Lately, however, outsourcing seems to be synonymous with offshoring. A HousingWire story from 2014 claims that Ocwen sent 73% of its servicing work offshore that year. The same article claimed that JPMorgan Chase, Citi and Nationstar were also sending…

    Due Diligence- 12 readers -
  • Allied and Jim Hodge… What Next?

    … the company was shut down by HUD, Allied lost much of its borrowing capacity. Like most banks and lenders today, Allied makes it money when it sells a loan. Their profit is the commission they earn when the loan is made and underwritten. Since they are not a bank, they borrow money to reloan it. As Allied’s creditors stopped the flow of capital…

    Due Diligence- 13 readers -
  • More Details on Allied Home Mortgage and Jim Hodge Emerge

    … not getting paid. (Many didn’t get paid anyway.) By 2006 and 2007, HUD says that almost 55% of the loans coming out of Allied were bad. The compliance department was paper thin and wasn’t interested in compliance. The government’s complaint, which is available here, said, “Allied utterly failed to conduct audits of its branches or review its early…

    Due Diligence- 10 readers -
    Earlier about the same topic:
  • Federal Appeals Court Win for Whistleblowers

    … the Act, whistleblowers can file lawsuits on behalf of the United States. The law can only be used, however, if there is a loss or fraud involving government funds or programs. Examples include home health care agencies that defraud Medicare, defense contractors that bilk the military and mortgage companies that engage in bad underwriting practices…

    Due Diligence- 11 readers -
  • BREAKING NEWS: Huge Win in Allied Home Mortgage Fraud Case

    … was a former manager for Allied. In the run up to the financial crisis, Allied Home Mortgage was one of the largest FHA lenders in the nation. Original Whistleblower Complaint Against Allied Home Mortgage We are proud to have filed this action. According to our original complaint, Allied operated a net branch scheme in violation of HUD rules. Since…

    Due Diligence- 13 readers -
  • “My Family Thinks I’m a Fraud for Working at Wells” – FIRREA Post

    …, the 2 million fraudulent accounts was the most recent scandal that received big media attention. Last week Wells agreed to pay $50 million to satisfy a class action lawsuit accusing the bank of improperly marking up appraisal fees of over 250,000 California residents who defaulted on their loans. In street parlance, the banks was kicking people while…

    Due Diligence- 13 readers -
  • CFPB to Examine Discriminatory Lending Practices (Whistleblower Post)

    … insured home loans may be a violation of the Act. Since most home mortgages are backed by the FHA, Fannie Mae, the VA or Freddie Mac, a violation of federal anti-discrimination laws could also violate the False Claims Act. Under that law, a whistleblower with inside information about violations of mortgage discrimination laws could receive between…

    Due Diligence- 24 readers -
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