Replies to This Discussion

Permalink Reply by joe beauchamp on January 15, 2013 at 7:17am

Definitely Freddie. Freddie wanted $320K, $8K more than owed and $6K cash contrib as a tip on top of that when a good offer was $210K. After a value dispute (better property, finished basement at $220K just sold), they did another BPO w/in the month and wanted $274,200. Then they service released it (the investor plays that game) to NationStar where NStar claimed another BPO - when nobody gained access to the property - and they claimed it was exactly --- $274, 200. Yeah, right. Then, after 2 months, Freddie service released it back to BofA. It has been 3/4 of a month more and we are just starting again. So, I think it is safe to say that it is not WF being the total pig here. It's our friendly fed trough-swilling FHLMC bailout who seems to have no one watching over them as they do horrific things. But, that is just my take on it after my last couple of FHLMC's. I can blame many other things on WF, but not this.

Permalink Reply by Teresa Keeler on January 15, 2013 at 7:25am

The FHFA is responsible for Freddie and Fannie, and there is a group of lobbyists I know personally who attend these meetings in Washington.  One of the SSS members held a conference call with FHFA regarding Fannie Mae and their shinanigans (sp??) I would like to try to coordinate the same thing for Freddie is we can in fact pinpoint that it is their organization causing these issues. 

Permalink Reply by Michael Hayley on January 15, 2013 at 7:25am

Well, add Green Tree and Freddie to the bad boys list. Im beating my head against the wall on a "stupid" valuation with these characters. 

Permalink Reply by Corinn on January 15, 2013 at 7:30am

In all of my files, the common denominator is Freddie.  Apparently their new guidelines, as of Nov. 1, 2012, are giving them the authority to do whatever they want.  My 2 cents worth.  Not very happy with them at the moment.  They're killing perfectly good deals left and right...and yes, they are also wanting more than the homeowner owes, so I'll agree with Joe on that, and the inflated values.  They aren't even gaining access to the properties for their valuations.  Major catastrophe with them.  'sigh'

Permalink Reply by Teresa Keeler on January 15, 2013 at 7:37am

Here's my take on it.  According to the new Nov 1 guidelines, the servicer is supposed to order an EMV (Estimated market value) from Freddie when beginning the short sale process. Many of them don't do this. Regardless, this "EMV" is a computer generated model similar to the desk valuations done on mortgage applications in the hay day. (interesting huh?) There is no rhyme or reason to it, it simply takes square footage, recent comps, etc... and arrives at a value.  Somehow the "estimated" part eludes Freddie Mac. I have not heard of a single value dispute that Freddie has bent their position on. One person suggested that they were trying to help "increase agent's commissions" by inflating the values. Sorry but that's doubtful. 

It's one of two things - they are not properly trained in their own guidelines or they have been directed to inflate values. There's no other excuse for what is going on. What I'd like to do is bring attention to this and get them to respond.  I'm feeling bold these days. 

Permalink Reply by TOP END Properties on January 18, 2013 at 3:13pm

I think the rumor is that Freddie Mac is doing Electronic Appraisals that are coming in high and succeeding the physical appraisal done by an appraiser.

edit:  What Teresa said!