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Fannie Mae was Aware of Problems with Forclosure Processing
Mortgage News > Fannie Mae was Aware of Problems with Forclosure Processing
According to multiple recent media reports, Fannie Mae became aware of potential problems it had regarding foreclosure process oversights as far back as 2003.
It was brought to the attention of Fannie Mae’s lead administrators that the law firms hired to be responsible for processing foreclosures institution were doing so extremely carelessly. It wasn’t until 2005 that Fannie Mae hired an independent firm to review such reports where they discovered the mishandling of cases.
Even after finding discrepancies in the filing process of foreclosures, Fannie Mae continued to flood the market with foreclosures with them more than doubling from 2007 to 2008 and growing by 50% in 2009.
The faulty processing eventually led to freezing the foreclosure process altogether among the nation’s leading financial moguls, not just Fannie Mae.