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Washington
FHFA recommends 4-point foreclosure framework
WASHINGTON (10/15/10)--Fannie Mae and Freddie Mac should inform authorities of potentially fraudulent activities and avoid unneeded delays when working to resolve foreclosure proceedings, Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco said this week. DeMarco also said that Fannie and Freddie should verify that all foreclosure-related documents are compliant and remediate foreclosure process deficiencies in a “timely” manner. DeMarco made these suggestions as part of a “four-point policy framework” released by the FHFA. The framework “envisions an orderly and expeditious resolution of foreclosure process issues that will provide greater certainty to homeowners, lenders, investors, and communities alike,” DeMarco said in a release. “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,” DeMarco added. The FHFA specifically recommended that mortgage servicers review foreclosure documents to ensure that any documentation of pre-judgment foreclosure actions, post-judgment foreclosure actions, post-foreclosure sales, or eviction actions is correct and was “completed in compliance with applicable law.” The FHFA earlier this month said that both Fannie and Freddie would work with mortgage servicers to identify and address issues in the foreclosure process. DeMarco last month said that Fannie and Freddie should "maintain their focus on mitigating credit losses and remediating internal operational weaknesses while employing prudent underwriting standards and guaranteeing proven mortgage products." Developing and offering new products should be tabled for the time being, he added. For the full FHFA release, use the resource link.
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