In 2006 Fannie Mae's Office of Corporate Justice issued their report O.C.J. Case No. 5595. This report was the result of a lengthy investigation by a private citizen, Nye Lavalle, of the mortgage business in the U.S.A. Basically, the report, while it did not agree in all cases with Mr. Lavalle, said that there was a fair degree of impropriety (i.e., fraud) by the mortgage companies servicing Fannie Mae mortgages.
Such improprieties were possible because Fannie was not minding its store. For example, it had difficulty knowing just who really held the mortgage. Another example - Fannie had no problems with a no-name Florida law from handling 75,000 foreclosure cases a year. A third - when Fannie did find fraud by a lender or servicer, it did not notify the homeowner.
Such improprieties were possible because Fannie was not minding its store. For example, it had difficulty knowing just who really held the mortgage. Another example - Fannie had no problems with a no-name Florida law from handling 75,000 foreclosure cases a year. A third - when Fannie did find fraud by a lender or servicer, it did not notify the homeowner.
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