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Loan Servicers Prepare for Borrower Backlash. Lawsuits Mounting

By Implode-Explode Heavy Industries

"?Recent accounts of deficiencies in foreclosure documentation by two large mortgage servicers raise concerns for homeowners and mortgage investors alike. FHFA, as conservator for Fannie Mae and Freddie Mac, supports efforts by the Enterprises to remind servicers and other parties engaged in processing foreclosures to do so in accordance with their seller-servicer agreements and applicable laws and regulations. Where deficiencies have been identified, FHFA has directed the Enterprises to work collectively to develop and implement a consistent approach to address any problems. In addition, FHFA is coordinating with appropriate regulators on this issue""

Full post as published by Mortgage Lender Implode-o-Meter on October 02, 2010 (boomark / email).