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Fannie Mae and Freddie Mac Respond to Falsified Foreclosure Documents

Mortgage News > Fannie Mae and Freddie Mac Respond to Falsified Foreclosure Documents
Date: 10/01/2010    Fannie Mae and Freddie Mac Respond to Falsified Foreclosure Documents

Fannie Mae’s Vice President Terry Edwards and Freddie Mac’s Chief Operating Officer Bruce Witherell both issued statements today in response to reports of foreclosure procedures being less than straightforward.  With reports of Ally Financial and JP Morgan, institutions which Mac and Mae use to manage their loans, taking responsibility nationwide for submitting inaccurate paperwork in the foreclosure process mortgage moguls Mac and Mae are looking further into the process of foreclosure and whether or not their loan servicers are abiding by the state law that governs them.

Bruce Witherell said in a statement today that "Freddie Mac is deeply concerned about recent reports that there may be affidavits that were improperly executed in connection with foreclosures. The alleged practices in these reports are clearly not in compliance with Freddie Mac's guidelines and directives to its servicers.” 

Mae’s Vice President Terry Edwards reiterates in his issued statement the fact that borrowers who have exhausted all other avenues of modification or mortgage aide should still treated fairly in the foreclosure process.  Edwards said “servicers should adhere to the exact requirements of the law in all of these cases, including the proper execution of affidavits, verifications and other legal documents as part of the default process.”

Both Fannie Mae and Freddie Mac are “deeply concerned” with the recent reports and are moving forward in an effort to reinforce “ instructions to our servicers later today that are intended to ensure that their foreclosure processes are in compliance with state law” as well as company policy.