Hallelujah!
In the past, with Fannie Mae-owned short sales I've closed, the approval letter stated that the lender "waives any deficiency". But, because of the their new Strategic Default Policy, that language has been eliminated & Fannie Mae retains the right to pursue the deficiency later. It doesn't say they WILL pursue it, just that they have the right to. Of course, this is politically motivated and a reaction to pressure. The intent is to scare homeowners away from strategic default, making them think they'll be sued later by the government. And how are they going to do this? What constitutes strategic default? The article in the link below addresses this issue and exposes the faulty logic of this policy.
http://www.dsnews.com/articles/moodys-questions-feasibility-of-fannie-maes-strategic-default-policy-2010-07-26
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