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!