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!
Replies to This Discussion
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Permalink Reply by Jane Davies on
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This is all disgusting as well as just plain scary. My thought is for everyone experiencing this to file a formal complaint with the Department of Justice. This can be on online in your individual states. I have done this a couple of times and get positive response. The DOJ needs to be aware of what is going on and has told me that more realtors need to complain. Flood them with complaints!!! ... and, keep us posted!
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Permalink Reply by Patrick Willard on
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I don't know who fannie mae orders their appraisals or BPO's through but I can say, as a broker that has done BPO work, that it's getting ridiculous with some of these companies. First, they broadcast orders out to who ever accepts first and second most have reduced turn times and the fees paid. Also 10 or 12 years ago the only ones doing BPO's were REO agents but now everbody wants to do them. That leads to a much lower quality. On top of all that it seems in many/most cases they don't want your honest opinion but to come in where they want. I can't tell you how many times I've been told to raise my value. Now they won't come right out and say it but they'll say "find different comps because your value came in much lower that a prior BPO". On one recent order I found a prior MLS sale listing the property as 1160 SF and after I submitted it I was told to pull new comps because they had an appraisal that says the unit is 1470 SF. The MLS sale was a new unit by the builder who I think knows the SF and there was no addition so I don't know where they came up with there numbers. Another time I was told a 1250 SF was listed as being 1800 SF by a prior BPO. It's getting so bad it's not worth doing BPO's anymore. I beleive soon they'll just say this is the value we want, find us comps to justify.
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Permalink Reply by Steve Norris on
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Sheyenne, stop throwing a tantrum. It's unbecoming.
Fannie (or any lender) doesn't owe you, me or anyone a settlement. The entity that bought the note in '05 (or whenever) is under no obligation to discount. Where did so many agents get the notion that the banks are obligated to do a short sale?
With prices rising in most markets it kinda makes sense for them to put off a determination.
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Permalink Reply by Wendy Martin on
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Steve, I can't even believe I just read that.
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How so?
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Permalink Reply by Shel-lee Davis on
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@Steve Norris - A voice of sanity in this world. There are too many people acting like VICTIMS.
The borrower / homeowner also needs to take some responsibility. No one held a gun to their heads when they did that cash out refinance and became "real estate investors" by buying all those "great deals" in other states, or took that once in a lifetime vacation, or put that $100,000 kitchen into their $50,000 home. No one forged their signature on the note when they bought that house that they knew they could not afford. Yes, some loan officers did not explain things properly, lending guidelines were way too soft, and it was easy to draw money out of your house or qualify for much more than home than even you could believe you could afford. Then again, YOU the BORROWER took the money! I did not hear one person say to their lender, "Hey the value of my house has tripled, let me share the increased equity with you". Now they are all saying, "Hey the value of my house has gone down, I want YOU to do something about that."
Yes, I do short sales and have helped many families in need get out of their homes. However, I let them know that it is totally up to the bank if this gets approved. There are no guarantees. I have even helped people who had to relocate for their jobs, or have experienced severe medical setbacks, short sell their homes while current on their mortgages all the way through closing. And again, each of them understood the rules of the game.
Too many real estate agents and borrowers think the banks owe them. That is not the case. Not only the banks, but the tax payers lose every time someone does a strategic short sale. Most TRUE HARDSHIP short sales get the attention and approval they need.
When we, as real estate professionals, start acting unprofessional, then we add to the insanity. We need to stay the voice of reason.
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Permalink Reply by Jeff Payne on
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Who said anything about a cash out refi? What about the cancer stricken family or the breadwinner that lost his job in the economy downturn? The problem is with Fannie Mae using taxpayer money or better yet, losing taxpayer money from dumb decisions. Valuing a property at 54% over the actual appraised value and then foreclosing and selling for 50% less than THEIR value? How does that make sense?
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I completely agree that it doesn't make sense. Quite the opposite. For that reason I generally avoid Homepath REOs with buyers; they aren't (for the most part) a competitive value. For the same reason, I generally try to avoid short sale with buyers as well. The discount for the buyer enduring a short sale has been going away, making them almost universally a bad deal for the buyer.
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Permalink Reply by Scott Marvin on
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Shel-lee Davis I think you forget who created this housing issue. It wasn't irresponsible home buyers. It was irresponsible lenders and the government pushing them to make bad loans. They banks and fannie created this and they have a responsibility to make things right. I don't blame any homeowner who bought thinking their house was a great investment and part of the American Dream.
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Ron,
You disagree? The banks made loans to people that did not deserve a loan. Remember subprime? Then they packaged them up and sold them to investors. Then the hedge funds got involved and the CDS (credit default swaps) began and it was actually to the investors advantage for the loan to default. They made more money when the loan defaulted. Once they realized they could make such a profit on defaulting loans you better believe there was some inside dealing going on to make more high risk loans so they could continue to bet on defaults.
This used to be illegal prior to 2000 but our government changed that law to allow it. I can't blame the buyers. They were told they could have a mortgage so they got one. It was the so called "experts" that messed things up.
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You must be a mortgage banker. I would love to continue this conversation but I have clients who need my time to saved from foreclosure.
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Steve, I'm with you. If Fannie Mae wants to do owner financing they certainly have that right. And if they drive comps up in the interim that brings some benefits.
We would not have these problems if the feds had not nationalized almost all mortgage lending these last few years.
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