Fannie Mae promises to keep families in homes, but instead pressures banks to foreclose - pt 1 of 3

[Bozita]

Fannie Mae promises to keep families in homes, but instead pressures banks to foreclose
1:26 AM, Aug. 14, 2011 | 140 Comments
BY JENNIFER DIXON
DETROIT FREE PRESS STAFF WRITER

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First of three parts

Inside Fannie Mae: Confidential records show how Fannie Mae breaks the rules | How metro Detroit homeowners can get help | Who are Fannie Mae and Freddie Mac? | Programs for financially troubled homeowners haven't helped much to date | One family's story of heartbreak in mortgage scandal | How this report was compiled | Accountability, answers are lacking
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In early December, a senior executive at Fannie Mae assured members of the Senate Banking Committee in Washington that the mortgage giant was doing everything possible to address the foreclosure crisis.

"Preventing foreclosures is a top priority for Fannie Mae," Terence Edwards, an executive vice president, told the panel. "Foreclosures hurt families and destabilize communities."

But confidential documents obtained by the Free Press show that Fannie Mae has pushed an agenda at odds with those public assurances.

The records cover Fannie Mae's foreclosure decisions on more than 2,300 properties, a snapshot from among the millions of mortgages Fannie handles nationally. The documents show Fannie Mae has told banks to foreclose on some delinquent homeowners -- those more than a year behind -- even as the banks were trying to help borrowers save their houses, a violation of Fannie's own policy.

more, lots more...
http://www.freep.com/article/20110814/NEWS06/108140503/Fannie-Mae-promises-keep-families-homes-instead-pressures-banks-foreclose?odyssey=tab|topnews|text|FRONTPAGE

[DirkGently]

1. Sad bank employees refer to the harsh standards of "The Investor," when dealing with borrowers.

Guess who "The Investor" usually is? Fannie or Freddie. They of galacta-normous, string-free bailouts and supposed government takeover. They're so sorry, but they just can't help American taxpayers.