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[-] Fannie Mae to phase out use of its retained attorney network - CHARLENE  PERRY/MD (2 replies)
10/18/2011 10:58:36 PM (4429 views)
Re: Fannie Mae to phase out use of its retained attorney network - Slade Smith/OH
10/19/2011 4:37:57 AM (3420 views)

FHFA's press release:

The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to transition away from current foreclosure attorney network programs and move to a system where mortgage servicers select qualified law firms that meet certain minimum, uniform criteria. Under current practice, in certain states each Enterprise designates law firms eligible under the Enterprise’s criteria to undertake foreclosure work and mortgage servicers then select and work with these firms.

The new approach is in line with FHFA’s Servicing Alignment Initiative that produced uniform foreclosure processing standards to assist servicers, homeowners and lenders. FHFA believes these efforts will lead to greater transparency and benefit delinquent borrowers who become subject to the foreclosure process. Further, the change will be supportive of the Consent Orders entered into by financial regulators and servicers.

The changes will be implemented after a transition period in which input will be taken from servicers, regulators, lawyers and other market participants. During this period, existing contracts remain in place and in effect.

 So, since the servicers no longer have to pick off the Fannie and Freddie lists, does that mean that David J. Stern can get back into the ballgame?  Or does "minimum criteria" mean that the foreclosure mills actually have to perform the work competently this time around?

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Re: Fannie Mae to phase out use of its retained attorney network - CHARLENE  PERRY/MD
10/19/2011 5:34:13 PM (3355 views)

[+] Mass Court rules on Bevilacqua - & it's ugly for good faith purchasers - Leigh Attridge/MA (2 replies)
10/18/2011 7:46:52 PM (4439 views)

[+] Stewart Title bulletin re compliance with Massachusetts REBA v NREIS decision - Leigh Attridge/MA (2 replies)
10/18/2011 1:30:51 PM (5334 views)

[+] RESPA violation? - Louise Jackson/SC (8 replies)
10/17/2011 9:33:11 AM (2892 views)

[+] In Private Wall Street Bankers Dismiss Protestors as Unsophisticated - Leigh Attridge/MA (16 replies)
10/15/2011 8:25:40 AM (4474 views)




[+] This Is Why they hate you & want you to die - Leigh Attridge/MA (13 replies)
10/13/2011 8:21:31 PM (5122 views)

[+] The OWLS gain a following - Kevin Ahern/CT (28 replies)
10/13/2011 3:05:00 PM (4706 views)

[+] Comment on "Supreme Court to Hear Another RESPA Section 8 Case" - Source of Title/OH (3 replies)
10/12/2011 9:34:28 PM (2991 views)

The Way Forward: Going in Circles - Leigh Attridge/MA
10/12/2011 2:18:08 PM (3736 views)

[+] Helping out a fellow abstractor - Rebecca Cowart/MS (2 replies)
10/12/2011 6:46:33 AM (3138 views)

[+] Mis-using RESPA SECTION 9 ? - edward hartung/OH (7 replies)
10/10/2011 2:15:03 PM (3288 views)

[+] Boston National in NC Bad Pay - Deborah Jackson/GA (5 replies)
10/10/2011 11:37:52 AM (3244 views)

[+] Question for VMs and Title Agents - Scott Perry/PA (9 replies)
10/10/2011 10:49:01 AM (3281 views)

[+] Robosigning 2 Mortgage Foreclosure File Reviewers - Leigh Attridge/MA (1 reply)
10/10/2011 9:20:36 AM (4725 views)

When the Uprooted Put Down Roots - Leigh Attridge/MA
10/10/2011 9:11:29 AM (4228 views)


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