This has got to be the most ridiculous thing I have ever heard.
Yesterday I wrote about 250 Maryland foreclosures being dismissed because of shoddy foreclosure work, liars affidavits and robo-signing and then today I read from Housing Wire.....
Fannie Mae will increase the maximum allowable fee servicers can pay Maryland foreclosure attorneys to $1,300 from $950 for mortgage loans referred to them on or after Feb. 1.
But wait, it gets better!! The reason they need a raise is because they need to do more work in Maryland in order to correct deficiencies.
A recent decision in Maryland courts dismissed thousands of foreclosure cases initiated by GMAC Mortgage for faulty foreclosure affidavits. The company said it would refile the documents, which could possibly lead to the extra work for all foreclosure attorneys in the state as they attempt to straighten out their procedures.
Now, let me make sure I understand this. If I make a mistake over and over again, and then I get caught trying to correct it in a shady manner, not only will I not be punished, but in fact I will be REWARDED.
Who in their right mind would think is the right way to handle this debacle? Why hasn't Fannie Mae penalized these foreclosure mills for their shoddy work, by either removing them from the "Retained Attorney Network", fining them or making them pay out of pocket for the re-filing of these foreclosures.
Can you tell, I am livid!! And to whom do I address my concerns? Fannie Mae, my Maryland representatives? And will they even care? I sincerely doubt it.
Let us not forget that both Fannie and Freddie are full blown GSE's; that every penny that they spend comes out of tax payer dollars and that we, the consuming public are paying through the nose for this raise to the same people who were complicite in the creation of this chapter of the foreclosure debacle.
There is probably nothing that I can do to affect any change in this decision, but you can be sure, I will write and blog and get the word out to as many people and organizations as I can to make it clear that this is just plain WRONG!!
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