The more things change...the more they remain the same

By
Real Estate Broker/Owner with Olsen Ziegler Realty

I just received a letter in today's mail from Fannie Mae -- you know...that Government Sponsored Enterprise (GSE), public, shareholder owned company with a PUBLIC MISSION. I used to live just outside of Washington, D.C. and took a bus down Wisconsin Avenue in Washington, D.C. everyday and used to pass by their corporate headquarters building and was wowed by their impressive set of brick buildings, and they had a reputation of invincibility back in the early 90s.

As you will see in an excerpt from this letter, Fannie Mae specifically states:

 

The transfer of ownership of your mortgage loan to Fannie Mae has not been publicly recorded.

 

After all the brouhaha of "show me the note", the whole privately owned MERS debacle, and numerous lawsuits by states attorney generals, notes are still not being publicly recorded. While this is a fluid issue, and each state has their own laws and ordinances to follow, I am dismayed that this problem has not yet been resolved.

While I have heard many arguments on both sides of the fence, I can't believe for a minute that requiring lenders to record a transfer, and in the case of foreclosures, actually review the documents they are signing isn't doable.

I guess I'm just not feeling the love of the whole "public mission" aspect of Fannie Mae these days.  So...I figured I'd hop over to fanniemae.com and see what their mission statement du jour is, and it was so perfect, the site was down for maintenance!  I wonder the last time Amazon.com's site was down for maintenance!

fannie mae

 

transfer not publicly recorded

 

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Tags:
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mortgage transfers
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Rainmaker
1,402,493
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Chris, you're surely right about the difference between Amazon and the governmental sites. I swear, FHA condo link is down more than it's up!

Jan 31, 2011 04:15 PM #1
Rainer
145,746
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

Chris, I share your loveless state of mind with respect to all that you mentioned above.

Jan 31, 2011 04:17 PM #2
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hmmm . . . so if it's NOT publically recorded, where is it recorded??  The mysterious files that no one will ever see.  So they won't make any mistakes when it's time to transfer title, or pay off the loan.  It'll all NOT be there?!? 

Jan 31, 2011 06:08 PM #3
Rainmaker
1,239,202
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Chris:  The irony of this situation speaks for itself.  Were it not so serious, it would be almost amusing.

Gene

Feb 01, 2011 03:21 AM #4
Ambassador
3,840,816
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Chris, it does not surprise me that their website was down.  Not much is functioning these day over at Fannie and Freddie.

Feb 01, 2011 11:55 AM #5
Rainmaker
415,647
Navona Hart
Real Living Cornerstone - Farmville, VA
Selling the Best Properties in Central Virginia

Not recorded?  I would think this was a joke if you hadn't provided the supporting docs.  Crazy.  Very Crazy.

Feb 04, 2011 02:39 PM #6
Ambassador
617,685
Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Chris--Not recorded.  Laws, guidelines, rules, regulations----only for the common folk.  Not government entities.  Good thing you did not wait to post this on April 1st!  It is hard enough to believe as it is!

Feb 07, 2011 02:24 PM #7
Rainmaker
564,104
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Its no wonder we are in a mess when this is just one small indication of the madness.

Feb 14, 2011 10:29 AM #8
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Rainmaker
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Chris Olsen

Broker Owner Cleveland Ohio Real Estate
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