What's that mean?
We're going to fix it by overlooking the criminal actions that made the mess?
You don't think your government is actually going to prosecute their buddies do you?
Who the hell would pay for their campaigns?
And the FHFA is part of the federal government so it's OK to over look the damning testimony given under oath, that hey, even they couldn't get the
the file documentation.
So we're just going to overlook that fact.
No one in America is going to accept this anymore.
More collusion in the cover up
One word: BULLF&#KING%$IT.Today, I am directing the Enterprises to implement a four-point policy framework detailing FHFA’s plan, including guidance for consistent remediation of identified foreclosure process deficiencies. This framework envisions an orderly and expeditious resolution of foreclosure process issues that will provide greater certainty to homeowners, lenders, investors, and communities alike.In developing this framework, FHFA has benefitted from close consultation with the Administration and other federal financial regulators.
The country’s housing finance system remains fragile and I intend to maintain our focus on addressing this issue in a manner that is fair to delinquent households, but also fair to servicers, mortgage investors, neighborhoods and most of all, is in the best interest of taxpayers and housing markets."
FHFA testified under oath before the FCIC that the GSEs do not have the loan files when they examine for fraud - that is, breaches of representations and warranties. (Yes, selling someone something you claim is a gallon of gasoline when it's really a gallon of water is fraud folks, not "a mistake.")
They further testified that they are being stiff-armed by the banks in obtaining those files, to the point they have had to file subpoenas.
But Fannie and Freddie should have those files if the REMICs - the securities they've offered to investors including the public - complied with their Prospectuses and Pooling and Servicing agreements. If the certifications that were made are accurate, the files are in Fannie and Freddie's possession.
But FHFA has testified - under oath - that those files are not in their possession.
