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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Replies to This Discussion

Steve, what tantrum?  Prices rising in MOST markets, not in mine. Snow in Chicago doesnt mean its cold in Miami

I'm with Jeff.  Totally uncalled for to say she's throwing a tantrum. 

Fannie Mae doesn't HAVE to even do short sales.   Let's just send all the defaulting homeowners to Foreclosure right?  That make so much more financial sense.  NO the fact is in the last couple years Fannie/Freddie etc., have all made HUGE announcements saything they'll streamline short sales, and that homeowners NOT in default can do short sales if they meet certain criteria.  Why go to all the trouble to tout the PROS of short sales, only to clamp so far down that the % of approvals drops completely off.  It makes no sense.

 

There is something shifty going on with BPO's.  I'm not necessarily blaming the BPO agents although, I've seen some crazy things there too, like them sending a "picture taker" and then someone else actually does the valuation.  Last week I met with an agent that does a lot of BPO's for many different companies, and she specifically mentioned she would send in a value and then get a phone call telling her to change it to a higher amount or she wouldn't get payment.  There is something seriously wrong.

I agree with Smitty and Jeff. First, Steve you are totally out of line about the original post being a tantrum. You are correct on one point that we all need to keep in mind ... none of the banks or investors are obligated to do short sales. When their borrower doesn't pay, they have every right to foreclose. That is what they obviously want to do and they should just do it.

As we have all experienced personally and read in our fellow realtor's posts, Fannie is completely lying when they put out these PR stunts claiming they want to do short sales and make them easier. My point is that they should just tell the borrower and the agent that they are going to foreclose and not to bother listing the property as a short sale. How much time and effort is being wasted when the servicer contacts a delinquent borrower and suggests they list their property with a realtor as a short sale? This is completely unfair to the borrower, listing agent, buyer and buyer's agent.

The biggest problem is that the general public has no idea of this game Fannie is playing by pretending they want to do short sales. Does anyone know how we can bring attention to this through the national media? Contacting our local politicians, media and state realtor associations doesn't seem to be working. We just get emails and articles posted by NAR talking about the advances Fannie is making with things like the Homepath page for short sale complaints. It's a joke.

 

Marcy, I'll stand by the tantrum remark (which I explain in a different reply), but I completely agree with what you've said here. Fannie makes announcements that make for good PR and allow the politicians to claim that they're "doing something" to help the economy or struggling homeowners or whoever. It's all BS. That's why contacting your politicians doesn't seem to work: they all get benefit by playing their part in the charade.

"Tantrum" was in response to the excessive shouting and childish use of language of the post.

Even in markets where prices are not rising, the fact remains that, for better or worse, the lenders and investors are under no obligation to cut a deal or even to act rationally. It would be nice if they did, since they survive only on the good graces of the public trough, but since our elected officials have not included any conditions to the funding, they are under no obligation to do so.

I really don't think it matters how she wrote the post, whether it was shouting or language you didn't like because the post got the attention of several members on this board and sometimes that's what it takes.

I've always found Sheyenne's opinions of value.  She brought attention to a matter I think is of concern to all of us.  It's her message I'm absorbing, which is similar to many others on this board in the past few months.  There is definitely something for all of us to be aware of with Freddie and Fannie.

Personally, I'm of the opinion EVERY Freddie and Fannie sale will need some sort of counter or dispute.  Two years ago, I couldn't say the same.  Both Freddie and Fannie seemed to be much more reasonable in their valuations. 

Steve, we get the fact that they are under no obligation to do a short sale.  The problem is that their rationale of forecasting pricing and making unreasonable counter offers based on what their "experts" believe the market shifting towards.  It is tax payer money that they are losing and everyone should be upset about that part.

Not every seller qualifies for a short sale, we all know that.  The problem that I have with Fannie Mae is their unreasonable counter offers for people that have a true hardship, an easily verifiable hardship.    I have 2 right now that are off by 30 to 65% from market value.  Fannie Mae thinking that the market is improving all over the country is insane.  in my market, lis pendens activity in the 3rd quarter of 2012 was up 68% over 3rd quarter of 2011.  The majority of REO in my market are owned by, you guessed it, Fannie Mae.  They deny the short sale, spend the money to foreclose and then repaint, recarpet and freshen up the home only to sell for less than the short sale offer.  

Fannie and Freddie are really good at making bad decisions, that is how they lost hundreds of BILLIONS of taxpayer money.  

As far as "tantrum" I stand by my last post about it, there was no tantrum and it got alot of attention.  Guarantee Fannie Mae read it.

Sheyenne, keep up the fight!!!! 

I'm in.  I sent you an e-mail about Fannie Mae fiasco that involves a failed septic.  I had brought it to the attention of the Colorado Real Estate Commission because it was so fraudulent, first on price, second on appraised value (since I HAD an FHA appraisal), last on not disclosing material facts.  It's got to be brought into the light for the "Buying Public" or we're in for 2008 all over again.  Underwater houses are going to continue to be the norm, vs. marking to market and making THE BANKS and FANNIE AND FREDDIE take responsibility for THEIR recklessness in taking on knowingly fraudulent loans.  Oh, right...I remember: the LOSS is public, but the PROFIT is private.  How could I forget?

Most of my Fannie Mae short sales have been fine up until November of last year. Then something happened, apart from the guideline overhaul. In one short sale, I was told we must list it at $260,000. Since it was a cooperative short sale through B of A and the seller agreed to cooperate, we changed the list price even though it was way over value. I talked to the agent who did the BPO and she told me the value she gave was $240,000. But even that value was too high. When I asked B of A about the BPO at $240,000, they told me I was mistaken, but I was not mistaken. There was no reason for the BPO agent to mislead me.

Of course, the deal fell apart when Fannie Mae rejected a cash offer of $235,000. 

The home is now vacant; its condition deteriorating. I requested a new BPO through Fannie Mae. That BPO agent called me and said she valued it at $210,000. I put it on the market at $225,000 and got an offer at $225,000 and have since submitted it, fingers crossed. This has been a nightmare for everybody.

I am starting to look at this in a little different way though here. We all understand that the reason for the appraisal is bottom line, shows what the market will bear, right. I am working on one short sale right now as the listing broker and also on one where I am the buyers broker.

On the listing, we received a value of over 20% higher than market. We contested this value by having another arms length appraisal completed and sending it in to them along with our offer again and it was finally just accepted last week. 

On the buyer's one, this property is in such bad shape that it needs to be gutted and rehabbed to the tune of around $30,000 in costs. It is not habitable right now. They had the REO agent list it at $40,000 over market value and since then, have been lowering it by $10,000 a week until now it is about $20,000 or so over valued. We have made an offer at value. We shall see how this goes but they have had no offers at all except ours now on this property that has been on the market for about 60 days now.( houses stay on our market for only a few days here right now with no inventory). 

I am thinking that if they did take this to auction.com that they wouldn't get any offers either or they would be even lower than what we offered. 

If that is true, if they inflate the prices so that they are over what the market will bear, then they will also not be able to sell them on their sites. What exactly is the point of what they are doing?

NAR has not helped with this at all. Everyone is right, we need to get the word out on what they are doing. We can force back on them by getting the word out that any Fannie/Freddie product is over valued by 20% to 50%.

Lets prove the market. just in case anyone is interested, Fannie has their own appraisal site and are working on getting all of the nations MLS's onto it so that they can do their own values. Our MLS has told them to pound sand and we need to tell all of our MLS's to do the same. They are not appraisers nor brokers or agents for that matter.

We can fight back on this and we can win if we work together and push back as professionals.

No, the banks and Fannie/Freddie are under no obligation to approve short sales but they do have an obligation to work within the laws and fraud is still fraud even when masked by the federal government.

In the end, if we band together, they will see that completing a short sale is cheaper for all concerned and we can get this mess resolved.

It seems like we have all been fighting this mess for years now and every time we get things moving in a positive direction, another nightmare appears. This is just the latest in a string of nightmares that we have had to face for our clients. We can win this one guys!

Fannie has largely circumvented some local MLS's by partnering with the NAR's Realtors Property Resource.  If your MLS provides data to RPR it is being passed on to Fannie.

Remember that banks don't lend money and Fannie and Freddie are fully insured by the tax payers.  They never lose money.  The bailouts are always available to them also.  They write the rules and NAR has no pull what so ever.  The big banks write the rules, reap the benefits and will always fall back on tax payers for additional profits. 

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