Mary McculleyFraudclosure Fighters Oh joy, the feds are going to collect more money from the fraud servicers, and think they are doing US a favor? BWAHAHA they will just pay the fines - maybe Fannie Mae should start PUNISHING the servicers by disqualifying them, and giving the home back to the homeowner. Now THAT may get their attention. Fannie Mae is going to start charging mortgage servicers for being late or inaccurate loan reports. Starting May 1, Fannie Mae may assess a compensatory fee for these failures. Fees will vary based on the number of late instances, from as little as $50 to $15,000 on a per mortgage basis, increasing in severity with each late assessment. A servicer may be assessed the fees to reimburse Fannie Mae for the losses and damages that result from such servicing breaches, including reimbursement for Fannie Mae’s internal administrative costs in tracking, reporting, and correcting the errors, the note states. Federal Reserve Chair Janet Yellen will speak Monday at a community reinvestment conference in Chicago on March 31. One wonders if she can conjure up another three magic words that move markets as loaded as “about six months
Posted on: Mon, 31 Mar 2014 03:00:13 +0000
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