FANNIE MAE COMMITTING FRAUD IN SHORTSALE BPO VALUATIONS! OVER INFLATED PRICE FIXING!

Anyone out there experiencing the short sale nightmares going on with Fannie Mae with OVER INFLATED pricing going on and OVER INFLATED VALUES coming in..while Fannie Mae wants you to BELIEVE IT'S "IN YOUR HEAD" and  DRINK THEIR KOOL AID.... relief will soon be here!

Proof on file that the Fannie Mae created Short Sale Escalations portal in their HOMEPATH site is the biggest CROCK of "GO NOWHERE NESS"!

Can't wait til the PROOF IN POSSESSION of high up Fannie reps laughlingly referring to the SHORT SALE ESCALATIONS PORTAL as the "PORTAL TO HELL" and the "BLACK HOLE"! for SHORT SALES!

Yes, and can't wait til the proof of Fannie ORDERING BPO agents to COME BACK IN WITH

THEIR PRICE on BPO COMPS or NOT GET PAID..which is FRAUD and ILLEGAL..gets exposed!

The March 4th, 2013 PODCAST of Fannie Mae VP of REO/Short Sale Dispositions, JAY RYAN and

NAR president Gary Thomas...REEKS OF PUKE in a BAD PUBLIC RELATIONS STUNT of an overly rehearsed PODCAST...had me spewing chunks all over the screen!

http://www.realtor.org/videos/homepathcom-helps-escalate-short-sales

Yes folks! Play this video so you can CHOKE and HURL too!!! What tranquilizers did Fannie put in Nar president, Gary Thomas's drink as they talk about Fannie's RESOLVE to FIX the issues...with the

PORTAL TO NOWHERE tab on the HOMEPATH site so you can argue with the Fannie cowpokes  in Dallas TX on their valuations dispute team.

Yes, those loving folks sittin in front o there ole computers...makin sure they come in 20% more or higher on all those valuations by comparin your short sales to their over priced FANNIE MAE SALES with their good ole HOMEPATH LOANS...YOU KNOW< THE LOANS CREATED AND OWNED BY FANNIE THAT DON'T REQUIRE THAT GOOD OLE THING CALLED "AN APPRAISAL"? 

YEAH..THAT'S IT!!! OH AND GET THIS! THOSE FANNIE HOMES THAT WERE SOLD AND ARE NOW USED AS COMPS? IT'S SOOOOOOOOOOOOOOOO ROOTIN TOOTIN FUNNY THAT THE SALES ACTUALLY TOOK PLACE ONE DAY BUT GOOD OLE FANNIE GOT TO HOLD ONTO EM BEFORE RECORDIN EM MONTHS LATER SO THAT THEY'D STAY A GOOD OLE COMP WAY PAST THE HOME VALUE CODE OF CONDUCT RULES OF 6 MONTHS FOR COMPS(HVCC RULES) WHILE THE REST OF US GOOD OLE FOLK HAS TO FUND ONE DAY HERE IN CA AND RECORD THE NEXT DAY OR FUND AND RECORD SAME DAY IN OTHER PARTS OF THIS HERE COUNTRY...BUT NOT FANNIE!!!!! 

YES...IF YOU'RE TIRED OF BEING "JERKED AROUND" "BENT OVER" "BEAT UP" AND BASICALLY PLAIN OLE "DEFECATED ON" BY FANNIE

THEN SEND ALL YOUR JUICY

STORIES,EXAMPLES,VIDEOS,TAPES,TEXTS,EMAILS,SAMPLES AND ALL AROUND TONS OF PROOF OF CASE AFTER CASE TO

[email protected]  AND ONE OF THE COUNTRY'S BEST GOOD OLE

FORECLOSURE DEFENSE/MORTGAGE SERVICING FRAUD LAW FIRMS IS WORKING NITE AND DAY DILIGENTLY ON ONE O THEM....CASES AGAINST FANNIE...YOU KNOW, LIKE THE BOYS THAT SUED A BUNCH O THEM BANKS THAT HAD TO PAY OUT LOTS OF GREEN IN THEM THAR MORTGAGE FRAUD SETTLEMENT CASES....YEP...JED IS WORKING OVERTIME TO HELP THE POOR FOLK RISE ABOVE THE TRENCHES AND FIGHT BACK.

It's time to let the "federal fixing of home pricing in short sales" be known to the masses as Fannie forces short sales to fail by OVERPRICING the VALUES so FANNIE can then TAKE THEM BACK as  REO/Bank Owned Properties that THEY MAGICALLY get to SELL and OOOOPS MAGICALLY get to FINANCE with their HOMEPATH loans that MAGICALLY DON"T REQUIRE AN APPRAISAL!!!

So yes, rise up and let them know that you're

AS MAD AS HELL AND NOT GONNA TAKE IT ANYMORE!

 

 

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I have one right now that fannie valuation is 53% ABOVE the appraised amount.  

GO FIGHT WIN!

so, is the lawfirm going to announce themselves or their intentions, so agents and sellers alike can contact them?  I just sent through Bryants blog on the subject to more brokers.  Got a call from one acting broker today who was told to cancel her listing and post it to Auction.com..I had to point out that the lender NS is not her client..so why would she follow their instructions?..bullying will work for a while, until agents, brokers and their clients get this publicized.  I have contacted our State legislators..for all that may be worth.  NAR is certainly quiet, you are right,as our local associations are also...trying to drive a recovery on false pretenses no doubt.

I have an additional item to mention against Auction.com!  In November-December, my buyer was interested in a Fannie Mae Homestep property.  We missed it when it went under contract.  In early Feb., it came back as active on HomeStep website, and she called me on it!

I called the listing agent, whom I knew, and ask what was going on.  He was told by the buyers agent that there was wood rot in the front sill plate for almost half the width of the house.  Also, the heat pump wasn't working.  Listing agent sent his HVAC guy who agreed. 

Soon the property went to Auction.com.  I checked it, and there were NO disclosures at all....NONE!  What do you think Fannie Mae would think if Realtors® didn't disclose???

Be very careful of Auction.com........

Since you know the Listing Agent, I would suggest that he post the property with a full disclosure.  Anyone looking will see it.  Also I would have him send a copy of the posting to the .com (new agent).  Let them know that the owner has direct knowledge from professionals with reports in writing, and that this is a discosable issue. Give them a specific time to update the listing.

Once that time limit expired notify your state's DRE with a formal, as well as your local Realtor Association. 

I sure am suspicious of NYCB, the lender on my listing which has now had 4 contracts, 2 of which over-appraised and buyers walked. I'm concerned for the next buyer who trusts they are doing the right thing and I hesitate to offer a Homepath listing to my present buyer and have them disappointed like the others. I want to say this makes no sense but I've been keeping up with news pundits who trash the banks regularly - and rightly so - and believe they (the banks) will stoop to record lows to keep the green in their hands. It makes me want to go back to my massage profession..... What really irks me is it appears we are dealing with debt service companies and not lenders who want to put the case to rest. With no motivation to close a file on a property, the middle men keep getting their hourly wages. Insidious. Then again, those folks would be unemployed perhaps if they weren't doing what they are doing and that would just ripple down the road.  Bloody discouraging! Costa Rica anyone?

I have this going on also in Georgia. Ilisted the home for $100,000.  Thought that may be too high actually.  The BPO came in at $186,000.  NO WAY!!!  I had the buyer go ahead and do their Lenders FHA appraisal so that I can dispute the value.  The house appraised for $100,000.  The underlying loan is Fannie Mae!  The lender told me Friday that their BPO was still good for another month.  They MIGHT not look at the true appraisal.  Its set for foreclosure on April 2.  PNC Bank is the 1st mortgage.  Any suggestions? 

 

I can give you a list of disptutes we've done since Homepath inception.  Working on  PHH sale right now and negotiator announces - "Yep, it meets investor minimum net," and sends off to "investor" - so we're kinda doing a small HAPPY DANCE...then to only come back and say the investor wants $20,000 more and if we don't like that answer we can dispute through Homepath.

 

Do they WANT to get these things sold or are they FORCING things to go to FC on PURPOSE?  The above is SOO shady and gross.  Seriously the servicer has guidelines to tell them what is acceptable, they SAY it's acceptable only to have FM come back and want $20,000 more in a severely depressed/distressed area of my state.  It's disgusting.

Curious...why would PHH send it to Fannie Mae for decisioning when it met the net?  What are of delegation didn't PHH have?

Kevin  just because it meets the net doesn't always bring it in delegation. Sometimes the closing cost may be  excessive or the sellers may have a high FICO score. this and other factors may trigger that it still needs to be reviewed by Fannie

Correct.  I was wondering what delegation authority PHH did not have in this case.

I agree completely with your premise of what Fannie is doing and why they are doing it. I can't believe the people at NAR are falling for it either. Total fraud and price fixing. With their no appraisal Homepath financing they are creating a scenario where they are putting buyers into homes that are already actually underwater. This has happened to 2 of my short sale listings in the last few months.

Can you please tell us the name of the law firm that is working on this? The gmail address you gave ... who is it going to?

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