MFI-Miami Blog

The 60-Day Trump Foreclosure Moratorium Does Not Apply To All Mortgages. Non-GSE Loans And Non-FHA Loans Not Part Of The Moratorium The 60-Day Trump Foreclosure Moratorium that  President Trump announced Wednesday  applies to most but not all mortgages. President Trump announced HUDis suspending all foreclosures and evictions for 60 days. The HUD foreclosure and eviction moratoriums are for all single-family homeowners with FHA-insured mortgages. That matches the policy announced Wednesday by FHFA regarding Fannie Mae and Freddie Mac mortgages. FHFA oversees Fannie Mae and Freddie Mac. The FHFA moratorium includes foreclosures and evictions on all single-family mortgages backed by Fannie Mae or Freddie Mac. Read more at MFI-Miami

Mortgage Servicers Ignoring Demands From FHFA That They Offer Homeowners Coronavirus Mortgage Relief Are Mortgage servicers ignoring demands from FHFA Director Mark Calabria? Believe it or not, they are and the FHFA is not happy. Calabria along with Fannie Mae and Freddie Mac leadership was forced to notify mortgage servicers of their obligations to their customers affected by the Coronavirus pandemic. Calabria told the media last week: For borrowers that may be experiencing hardship, I encourage you to reach out to your servicer.  FHA is also is taking steps to aid borrowers. Especially borrowers who are struggling to make mortgage payments due to the COVID-19 pandemic: FHA’s suite of loss mitigation options provides solutions that mortgagees should offer to distressed borrowers to help prevent them from going into foreclosure. Read more at MFI-Miami  

Fannie Mae And Freddie Mac Will Update Uniform Residential Loan Applications In November 2020 The Federal Housing Finance Agency  announced  three years ago that they were changing the Uniform Residential Loan Applications used by the lending industry. It will the first change in 20 years. The GSEs later  dictated  that lenders would be required to begin using the new loan application by February 1, 2020. But that all changed  earlier this year.  The GSEs delayed the mandatory use of the redesigned Uniform Residential Loan Application. The FHFA postponed the implementation of the URLA to an unspecified date. However, the GSEs revealed Wednesday a new date for the mandatory use of the new URLA. Read more at MFI-Miami

FHFA Director Mark Calabria Threatens To Wipe Out Fannie And Freddie Shareholders To End GSE Conservatorship FHFA Director Mark Calabria said he’s willing to wipe out Fannie Mae and Freddie Mac shareholders to end the government conservatorship. Shareholders include retirement funds and pension funds. Fannie Mae and Freddie Mac also back about half of the nation’s mortgages.  Calabria took charge of FHFA in January . He replaced Mel Watt Calabria told the House Financial Services Committee: I’m working for the taxpayers. If the circumstances present themselves where we have to wipe out the shareholders, we will. Calabria told Congress in the Tuesday hearing: I’m on the record as saying in 2008 what we should have done is wipe out the shareholders. Instead, they were put into conservatorship. The government received new senior preferred stock and common stock warrants. The government took a 79.9% stake in the GSEs as collateral for the bailout. Read more at MFI-Mi...

Former Fannie Mae Employee Found Guilty Of Making Millions On Shady REO Foreclosure Sales Former Fannie Mae employee Shirene Hernandez is facing 40 years in prison. She was found guilty of accepting millions of dollars in bribes and kickbacks in exchange for selling Fannie Mae REO properties. Federal prosecutors charged Shirene Hernandez in  January 2018  with accepting bribes for steering foreclosures to certain brokers. She also allegedly bought some foreclosures herself at below market value. Hernandez was found guilty of two counts of wire fraud counts. The former Fannie Mae employee worked as an REO foreclosure specialist in California. Her job was to find buyers for Fannie Mae REO properties foreclosed on by Fannie Mae. Hernandez would assign Fannie Mae-owned properties to real estate brokers and approve sales of the properties based on offers the brokers submitted from 2010 through 2015. Read more at MFI-Miami

Fannie Mae CEO Timothy Mayopoulos Busted Having Tawdry Affair With TransUnion Chief Legal Officer Heather Russell Fannie Mae CEO Timothy Mayopoulos is once again in trouble for skirt chasing the beautiful women of the Washington D.C. He has received another rebuke from a government watchdog. Mayopoulos did not disclose his romantic relationship with current TransUnion Chief Legal Officer Heather Russell. Mayopoulos and Russell have been unable to quell their red-hot passion. Read more at MFI-Miami

The Only Fannie Mae Mortgage Foreclosure Defense Team That Commands Results You may have a Fannie Mae Mortgage and not know it. Only someone properly trained in writing them can help you save your house from  Fannie Mae . MFI-Miami has created a specialized Fannie Mae Mortgage Foreclosure Defense Team. The team’s focus will focus solely on developing strategies to give homeowners an edge in any Fannie Mae Mortgage foreclosure! We are the only foreclosure and mortgage experts with the resources and knowledge to successfully challenge any Fannie Mae Mortgage. Our competitors may show off one or two victories against this lender but they can’t beat our track record. How do we know this? Because  we have the 10-year track record  to prove it! MFI-Miami’s Fannie Mae Mortgage Foreclosure Defense Team is a mortgage servicer’s worst nightmare. Why? MFI-Miami has successfully challenged some of their most arrogant foreclosure mill lawyers. As a re...