Fannie Mae to Charge Strategic Defaulters, for Everything

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And they’re having such a widespread negative impact that Congress may crack down on. mortgages to Fannie Mae or Freddie Mac or to private companies who market them as securities, meaning they aren. Fannie Mae to charge strategic defaulters, for Everything. Fannie Mae is sifting through borrower data to determine who is strategically defaulting and who is not after announcing more efforts this week to crack down on those who walk away from their homes.

The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities.

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Fannie Mae guidelines on getting a Mortgage loan after foreclosure have reduced the amount of time it takes to get approved for a loan through them. You can now apply just two years after filing for bankruptcy or going through a short sale.

What are Fannie Mae and Freddie Mac?  Part 1 Fannie Mae’s lockout will not work. For strategic defaulters, the numbers do the talking. Many of my credit clients are underwater by as much as 75 percent. Fannie Mae is giving these people a choice: They can either wait for their equity to return, or they can face a seven-year lockout as renters.

Andrew Wilson, a spokesman for Fannie Mae, said the finance giant is focusing on "strategic defaulters:" those who could have can charge post-judgment interest of an.

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Fannie Mae to Charge Strategic Defaulters, for Everything Your credit score will be burned if you foreclose, and now Fannie Mae is threatening to compound the problem by "locking out" strategic defaulters for a period of seven years. In a plan announced.

So-called as to distinguish it from a “conventional” foreclosure, a strategic default is a voluntary decision to stop making mortgage payments despite the capacity to do so. While choosing foreclosure might strike some as oxymoronic, it turns out that for many, it is actually a perfectly rational choice.

For modified mortgage loans, the responsible party must comply with all legal. a daily carrying cost that is not duplicative of any other cost or fee below;.