Has Your Fannie Mae Mortgage Been Sold to Private Investors?
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Quoting Neil Garfield: There is a shroud of mystery around the entire role of the FHA. Its purpose is to guarantee loans, which was expanded to buy loans. It was never a lender. But the process of buying loans was just as complicated as everything else where securitization of debt is claimed. In most cases it “bought” loans from parties who never owned the debt and therefore had nothing to sell. Furthermore the purchase was “funded” by a complex process which culminated in giving “certificates” issued by so-called REMIC trusts in which Fannie or Freddie was the “Master Trustee.”
Whether such transactions constituted payment of value for anything is up for debate since we here do not know if Fannie or Freddie ever paid for the certificates. Following the trend of “resecuritization” we have found that most nonperforming and reperforming loans are being sold by the GSE’s at a brisk pace. But foreclosures are proceeding as if the the loans were never sold at all. So we conclude here that many if not most foreclosures in which the names of Fannie and Freddie are invoked are merely cloaks for further weaponizing foreclosure procedures to obtain revenue instead of restitution for an unpaid debt. Restitution could only go to someone who lost money.
That can only mean someone who paid value for the debt as required by Article 9 §203 UCC as adopted in all U.S. jurisdictions. Practice Note: Both lawyers and pro se litigants fall into the trap: They assume that there has been a default despite the fact that nobody who has paid for the debt has suffered any financial injury — nor are they the claimant in any foreclosure action. That is because they do not own the debt and have in fact disclaimed such ownership in exchange for a promise of unsecured payments from a third party (securities brokerage firm). The default is a fiction and the foreclosure results in forced sale of property to produce revenue for the foreclosure participants.
This is why it is so important to establish in discovery that the opposition cannot produce a shred of evidence of payment for the debt. There was no payment “for the debt.” Since this is so counterintuitive as to be dismissed by most practitioners they ignore it and go on to admit in judicial proceedings that the lawsuit is a foreclosure when in fact, it is not. By admitting that the action is a foreclosure you are tacitly admitting that this is about restitution of an unpaid debt through a contract in which the claimant is a party, when in fact it is not.
Check this out: Non-performing Loan Sales Fannie Mae’s sales of non-performing loans, which are part of the Federal Housing Finance Agency’s 2015 Conservatorship Scorecard, are intended to reduce the number of seriously-delinquent loans that Fannie Mae owns, to help stabilize neighborhoods and to help meet the portfolio reduction targets required under the Senior Preferred Stock Purchase Agreement with the United States Treasury. On March 2, 2015, the Federal Housing Finance Agency (FHFA) announced guidelines for these sales to encourage broad buyer participation and provide safeguards for borrowers. These guidelines require the buyers of non-performing loans to offer loan modifications to borrowers and provide foreclosure alternatives whenever possible. If foreclosure cannot be prevented, property sales to owner-occupants and non-profit agencies must be prioritized. Fannie Mae will work to sell these loans to investors, nonprofits and public sector organizations.
The company anticipates bringing pools of loans to the market on a regular basis. Fannie Mae intends to offer a mix of both larger and smaller pools that may be more attractive to nonprofits, smaller investors and minority- and women-owned businesses. Reperforming Loan Sales On October 11, 2016, Fannie Mae began marketing its first sale of reperforming loans as part of the company’s ongoing effort to reduce the size of its retained mortgage portfolio as indicated above. Reperforming loans are mortgage loans that were previously delinquent, but are performing again because payments on the mortgage loan have become current with or without the use of a loan modification plan. see https://www.fanniemae.com/portal/funding-the-market/npl/index.html
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