Fannie Mae Cracks Down on Strategic Defaulters

Fannie Mae Cracks Down on Strategic Defaulters

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Frictionless models of mortgage default predict that defaulters are underwater.. The basic empirical strategy of this paper is to combine the strengths.. foreclosed homeowners in Fannie Mae and Freddie Mac from 1995-1999. (3) whether there are holes, cracks, or crumbling in the property foundation.

Fannie Mae Isn’t Amused by Strategic Defaulters.. Government-sponsored entity Fannie Mae has strengthened its effort to curb strategic defaults. It will crack down on borrowers who enter.

In an article on USA Today – "Fannie Mae gets tough on "Strategic" mortgage defaults" – the following caught my eye: Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default.

Fannie Mae will also take legal action to recoup the outstanding mortgage debt. and then maybe Fannie wouldn’t have to deal with strategic defaults.. whose upside down $150k on their home.

 · That is a question that the NYT should have asked in an article reporting on Fannie Mae’s new plans to punish people who walk away from a mortgage that they could still pay. The article notes several problems that Fannie Mae will encounter in trying to impose its announced penalties on strategic defaulters, but only mentions in passing that the company many not even be in business.

The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac. But homeowner-defense lawyers point out that separating strategic defaulters from those who were in real.

Fannie Mae also said it would make new mortgages harder to obtain for borrowers if it can be proved that they engaged in a "strategic default" – abandoning a home to foreclosure not because the.

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Judge Sweeney cracks down on government to. in the national housing market. fannie mae and Freddie Mac suffered a precipitous drop in value of their mortgage portfolios, pushing the Companies to.

 · Fannie Mae cracks down on "Walk Aways" by Calculated Risk on 6/23/2010 04:00:00 PM. Note:. Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.. But this suggests that the number of strategic defaults is.

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