Newly Released Documents Confirm:
Fannie Mae Strategy to Foreclose for Profit
Internal records from Fannie Mae were recently obtained by the Detroit Free Press which reveal a clear anti-Main Street agenda. Included in the leaked documents are "indications that lenders should proceed to foreclosure sales rather than allow any time for modifications." (Source) This while Fannie Mae's CEO makes almost 5 million a year in salary! County Recorder Curtis Hertel is furious: “What these internal documents show is that while Fannie Mae was being bailed out by taxpayers they were systematically pushing for citizens to be foreclosed." He is suing Fannie Mae and others.
But it comes as no surprise to the millions of homeowners who have been trying to "work with their lenders" in a bewildering foreclosure game. The worst part is that these documents are dated around "the same time that Fannie Mae officials were testifying before Congress that they were doing everything in their power to prevent foreclosures." Goes to show, if their lips are moving, they're most likely lying.
We have been at the forefront of helping homeowners push back against foreclosure in the Northwest since 2009 and this is exactly what we have been seeing, over and over again. To read the stories of families facing foreclosure, click here, you can see the pattern for yourself. If you know someone who is facing foreclosure or thinking about applying for a modification, check for our upcoming workshops.Our workshops are designed to provide answers, recent court rulings in homeowners favor, research and support to know your options and rights. It is becoming more and more clear that the banks don't want to help homeowners, they want to help themselves to our homes...
The Big Picture:
Is there any question that this type of anti-homeowner strategy is being carried out by all the Big Banks? According to mortgage fraud investigator Steve Dibert, these documents could impact all foreclosures. “It shows a direct willingness of Fannie Mae to lie to Congress and the American people,” Hertel said. “It also shows the incestuous relationship that Fannie Mae has with the major national banks. Finally, Fannie Mae claims tax exemptions saying they are part of the federal government. I am pretty sure this shows that Fannie Mae’s interest is in profits and not the public good or the goals of the federal government."
This is why we are fighting to Stop Fraudclosure and stop Wall Street from siphoning our money away to line the pockets of Big Bank CEOs, shareholders & investors. Stopping foreclosure fraud is the first step in Declaring Independence from the Wall Street Rule that is destroying our communities, families, and local businesses for profit. And it is clear by now that it isn't going to happen without We the People pushing hard. This issue effects everyone, not just homeowners. If you are disgusted with what you are seeing, please consider joining us in the work of stopping the Big Banks and restoring a local economy that works for people, not CEOs.
For a great editorial on Fannie Mae by the Detroit Free Press read here...