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 Judi Fiolle on
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As I understand this Mike, the banks do lend then sell off the paper to Fannie and Freddie to recoop their funds. They would therefore be obligated to use Fannie/Freddie rules to complete loans so they can sell their paper to Fannie/Freddie. I do not think the banks write the rules....Fannie/Freddie write the rules...
If that was not true, the banks would not have had to use the crazy guidelines that Barney Frank and Chris Dodd gave them that started all of this mess. Remember when they said that "everyone" should be able to own their own home? This did not come from the banks but from the feds through Fannie
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Judi,
This is really a long conversation for another time. But, if you've researched the role of the Fed Reserve in lending and fractional banking then it becomes clear. The big banks that own the privately owned Fed reserve also write the rules for fannie and freddie. It's all one big club.
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I did hear that. I am not sure if me MLS passes on to RPR or not. I do know that were extremelly upset that Fannie wanted to do anything with our MLS. They told me that they had been negotiating with them a couple of months ago but had cut them off because they wanted proprietary info that would not give them.
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Permalink Reply by Kevin - Greenville, SC on
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Has your MLS or CIE
partnered with RPR?
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Permalink Reply by Barbara Wing on
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The buyer of my home put in a fair market offer of $150,000. Fannie Mae countered at $165,000, buyer countered back at $155,000, counter was accepted but now fannie mae is refusing to pay me the $3000.00 HAFA money because they say the purchase price is $10,000 below their BPO price (which was inflated by over $10k)...do I have any recourse???
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we were only able to get the seller $1000 on our latest deal. They say in their materials that they give $3000 to seller for relocation in one place and then say UP TO $3000 in another place.
When I protested this, I got no where with them either. At least we got them something. used to be that the seller could not profit in any way on these so getting anything for them is a good thing these days.
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Borrower Relocation Incentives
The borrower is entitled to an incentive payment of $3,000 from Fannie Mae to assist with relocation expenses
following successful completion of a short sale unless:
the borrower is required to contribute funds or execute a promissory note;
the borrower has PCS orders and receives a Dislocation Allowance (DLA) or other government
relocation assistance; or
the servicer has knowledge that the borrower is receiving relocation assistance from another source
other than the servicer.
In instances where government relocation assistance is not provided to a borrower with PCS orders, the
servicer must obtain Fannie Mae’s prior written approval to provide relocation assistance.
If the servicer has knowledge that a borrower is receiving transition or relocation assistance from another
source (for example, an employer, State Housing Finance Agency, etc.), that amount must be subtracted from
Fannie Mae’s short sale relocation assistance and Fannie Mae’s relocation incentive will be reduced dollar for
dollar up to Fannie Mae’s relocation incentive cap of $3,000. The total relocation assistance the borrower
receives may exceed $3,000 if the servicer elects to provide additional assistance from its own funds or if the
borrower receives assistance from another source.
The servicer must instruct the settlement agent to pay the borrower the Fannie Mae relocation incentive at
closing from the sale proceeds at the same time that all other payments are disbursed, including the payoff to
the servicer. The servicer must not pay transition or relocation assistance from any other source from the sale
proceeds.
The servicer may not require the borrower to apply the borrower incentive payment to obtain the release of
other liens or non–real estate title impediments.
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Permalink Reply by Sheyenne Schultz on
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WOW! I'm freaking out over HOW MANY agents out there are responding to this post!!! GOOOOOOOOOOOOD!
Oh and If some of you think I'm throwing a "tantrum" as u put it? GET OVER IT!...I'm a LEO..we're dramatic...that's how we roll!!!
Cuz FANNIE wants ALL of YOU to believe "it's in your heads" !!! Really? If it's in our heads and NOT REALLY HAPPENING...then how come hundreds of thousands of agents that DON"T KNOW ONE ANOTHER AT ALL....are ALL SCREAMING about the same thing and have the SAME THING HAPPENING TO THEM RIGHT NOW whether you're in CA or FL or any OTHER STATE here in the good ole USA! I guess we're all conspiring together right??? NOT!!!! EVEN CLOSE! I can't believe how many cases are coming in thru the [email protected] email. I'm making sure these are ALL going to the proper channels and getting them over to "JED" and his associates to really DO SOMETHING ABOUT THIS NOW!!!!!! BUT WAIT!!!! WAIT TIL YOU HEAR WHYYYYYYYYYYYYYYYYYYYYYYYYYYY THIS IS SOOOOOOOOOO BAD AND HOW Fannie's COMING IN WITH THE VALUES AND REALLY ILLEGALLY DOING THIS!!!
I don't know whether to ANSWER THIS in a REPLY ON HERE OR START ANOTHER POST WHICH ADDRESSES SOMETHING THAT SHOWS U WHAT THEY ARE GETTING AWAY WITH , WHICH WILL REALLY MAKE YOU HURL!
When I explain this to you .......and I want you to REALLY READ IT LIKE 3 TIMES SO IT SINKS IN....It will blow your mind, and then you will be AS MAD AS HELL AND DEFINITELY NOT GOING TO TAKE IT ANYMORE!
1) it's going to be information to all of you on what they are doing to FIX the PRICING and how DISGUSTING IT REALLY IS....
2)is the disgusting ness of their BS site they got NAR to "supposedly" create...callled RPR! Yeah, right...NAR created it...if u believe that...you're a total idiot!!! Yet magically FANNIE gets to "PARTNER" with them on this site and offer "TRAINING" etc...... it's a Fannie manipulated SITE, they're the "PUPPET MEISTERS" pulling all the strings and NAR just gets to buckle up and "GO ALONG FOR THE RIDE" and help SPONSOR this RANCID SITE called RPR.
they just want to form another CORELOGIC with their OWN Manipulated site...and TRY to have their " RPR" site be THE NEW STANDARD in VALUES>> as if we're ALL SO STUPID! NOT!!!!
I went on the site...just to wallow around in the polluted swimming pool to see what it's about.....but if you THINK for 1 minute that I will EVER USE THIS SITE FOR ANYTHING! THINK AGAIN! I wouldn't trust or use a VALUE ON THIS SITE...if you PAID ME!!!
I've seen enough...swallowed their dirty water and WILL NEVER USE RPR!. Please LOBBY YOUR MLS TO NOT BE A WILLING PARTICIPANT and frankly, not join....but I can't tell anyone what to do.....but hey, I'm sure FANNIE's GREASING their pockets as we speak....money talks....BS walks...
PULEEZ GAG ME WITH A SPOON!!! LIKE FOR SURE>>>>TOTALLY!
Ok, the real sickening thing that they are doing is coming up next FOLKS....but first..it's St Patrick's Day and I have to go
party with some leprechauns!!! Back in a few hours for the really juicy stuff that's gonna blow you away!
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Permalink Reply by Jeff Payne on
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I have 2 problem Fannie files right now.
First one the buyer appraisal is 53% lower than Fannies Value, we have been fighting it and got a final offer from Fannie, we are still 30% apart from their value and the buyers appraisal value.
Second one the appraisal that was done BY FANNIE one the condo (i was sent the appraisal by mistake) is 170,000 and Fannie removed our 170,000 offer because they need to NET $260,000. THEIR own appraisal was 170,000 but they need to NET 170,000? That means they want me to sell the condo in the $280,000's to NET $260,000. NOT POSSIBLE. Funny part is that Fannie just sold the EXACT SAME FLOORPLAN with the EXACT same furnishings in the building for $151,000!
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Just got a "counter offer" on a Freddie Mac property. Investor needs to NET $196,000. The condo at BEST is worth $140,000. The highest priced sale in the last six month was 160,000 for a fully furnished and turn key unit, the lowest price was $128,000.
So Freddie wants to get approx $215,000 for a condo that is worth 140,000 at best.
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Permalink Reply by Angel Quinonez on
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Fannie is determined to keep the vicious circle in motion, It keeps promoting fairness but continues to fall short of it. I'll be more than happy to send out some cases in and maybe someone on the other side will take the actual time to do some work!
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Same thing here in Northern Illinois. I had every short sale of mine fail in the 4th quarter after having an otherwise perfect record with them. My first one was countered at 63% (YES, SIXTY-THREE PERCENT!!!) above contract price. The second one was countered at 22% above contract price. The third one was countered at 19% above the contract price. The fourth one was countered at 25% above contract price. Can't help but think that this is price-fixing.
I lost one listing and one buyer in the process; the buyer was my #1 buy client. The two other listings are still active but they're referrals from two of my best clients. Since this is going on, no more referrals from either referrer.
I have begun to reject short sale listings and have told my buyers to avoid them at all costs. The only short sales that I'll take are from close friends who really need my help. Otherwise, I'm done with doing all the work and just losing friends, referrals, and credibility for my efforts.
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