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Fannie Mae REWARDS foreclosure mills in Maryland for dismissed foreclosure files

By
Title Insurance with Key Title Corporation 63078

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!!

Posted by

Charlene Perry
Key Title, Inc. 
35 Fulford Avenue
Bel Air, MD 20104
410-803-4800

Comments (2)

Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Charlene. . I'm as as livid as you!

Too bad regular families that have lost their homes to a foreclosure CAN'T AFFORD to hire a Lobbying Firm at the state capital! 

Jan 21, 2011 03:43 AM
CHARLENE PERRY, CLTP
Key Title Corporation - Perry Hall, MD
Insuring the Past to Protect Your Future

How right you are my friend.  Seriously, I just can't stop thinking about this.  What in the world is Fannie thinking by giving these firms more money to correct their own errors. 

Truly a debacle and an affront to all of us out trying our best to do the right thing in the right way.

Jan 21, 2011 06:03 AM