Tag Archive for: Fannie Mae

FHFA Enacts New Rules for Sales of Non-Performing GSE Loans

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When Freddie Mac and Fannie Mae started selling off it’s non-performing GSEs in March 2015 it did it primarily through two sales.    Sales of NPLs by the two Enterprises generally include loans that are seriously delinquent, which are those that are 90 days or more past due. In many cases, the seriously delinquent loans in the GSE portfolios are more than a year overdue.

These loans included ones that were in bankruptcy, have resulted in double reporting on credit reports, multiple claims from the new lender / servicer of different balance amounts due and other headaches. It looks more like five nights at Freddie’s then a help to consumers.

The enhanced   requirements are as follows:

requiring bidders to identify servicing partners at the time of qualification, and also requiring bidders to complete a questionnaire to demonstrate a record of successful loan resolution through foreclosure alternatives; requiring the new servicer to evaluate all pre-2009 borrowers (other than those with a vacant property or an imminent foreclosure sale date) for the government’s Home Affordable Modification Program (HAMP), and evaluating all post-2009 borrowers for proprietary modifications; requiring servicers to apply a “waterfall of resolution tactics” before resorting to foreclosure, a waterfall that includes evaluating borrowers for HAMP eligibility or proprietary modification eligibility, short sale, or deed-in-lieu of foreclosure; encouraging servicers to sell foreclosed or REO properties to either a non-profit or someone who will occupy the property as a primary residence; requiring subsequent servicers to assume duties of the initial servicer; providing for better bidding transparency by developing a process for announcing upcoming NPL sale offerings that includes a proactive outreach to all potential bidders; and requiring buyers and servicers to report loan resolution results and borrower outcomes to Fannie Mae and Freddie Mac for four years after the NPL sale.

For More Info:

http://www.fhfa.gov/Media/PublicAffairs/Pages/Non-Performing-Loan-%28NPL%29-Sale-Requirements.aspx

http://www.dsnews.com/news/government/03-02-2015/fhfa-enacts-new-rules-sales-non-performing-gse-loans

 

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705;   email: calh@gate.net

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FL Trial Court Rules Mortgage Loan Owner’s Liability for Unpaid Condo Assessments Not Limited by Fla Safe Harbor, Where Foreclosure Judgment Was Entered in Servicer’s Name

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A Broward County  Judge- 17th Circuit of Florida held that a mortgage loan owner’s liability to a condominium association for unpaid assessments was not limited by Florida’s safe harbor provision at Fla. Stat. § 718.116(1)(b).  The safe harbor did not apply where the loan owner was not the first mortgagee of record at the time of foreclosure but rather was assigned the right to bid at the foreclosure sale by the loan’s servicer, ( the plaintiff and mortgagee of record) .

Section 718.116(1)(b) limits “the liability of a first mortgagee or its successors or assignees who acquire title to a [condominium] unit by foreclosure or by deed in lieu of foreclosure for unpaid assessments that became due before the mortgagee’s acquisition of title to the lesser of: (a) the [unpaid assessments] which accrued or came due during the 12 months immediately preceding [acquisition of title]; or (b) one percent of the original mortgage debt[.]” § 718.116(1)(b), Fla. Stat.

To be entitled to limited liability under the Florida safe harbor, “a party must establish: (1) it was a first mortgagee; (2) it acquired title to the condominium unit through foreclosure; and (3) the condominium association was joined as a defendant in the foreclosure action[.]”

The court held, in order to be entitled to the safe harbor, “[t]he key is who had rights and obligations under the mortgage at the time of foreclosure, whether as a first mortgagee or as a successor or assignee.” Bermuda Dunes Private Residences v. Bank of Am., 133 So. 3d 609, 615 (Fla. 5th DCA 2014).

A post-judgment assignment of a foreclosure judgment is insufficient to confer the protection of the safe harbor as a matter of Florida law. Bay Holdings, Inc. et al. v. 2000 Island Boulevard Condo. Ass’n, 895 So. 2d 1197 (Fla. 3d DCA 2005).

Fannie Mae v Park Place at Pompano Condo. Ass’n (17th Jud Cir)

 

Carol A. Lawson, Esq., 28870 U.S. Hwy19 #300, Hodusa Towers, Clearwater, FL 33761             Phone: (727) 410-2705;   email: calh@gate.net

 

SUE OR BE SUED CLAUSE

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The Ninth Circuit Court of Appeals  held that Federal National Mortgage Association’s (“Fannie Mae”) federal corporate charter confers federal question jurisdiction over claims brought by or against Fannie Mae.

The Ninth Circuit  held that under the rule announced in American National Red Cross v. S.G., 505 U.S. 247 (1992), Fannie Mae’s federal charter confers federal question jurisdiction over claims brought by or against Fannie Mae. The sue-and-be-sued clause in Fannie Mae’s charter authorizes Fannie Mae “to sue and be sued, and to complain and to defend, in any court of competent jurisdiction, State or Federal.” 12 U.S.C. §1723a(a).

 

Carol A. Lawson, Esq., 28870 U.S. Hwy19 #300, Hodusa Towers, Clearwater, FL 33761             Phone: (727) 410-2705;   email: calh@gate.net