Friday, September 3, 2010

Excessively delaying Fannie Mae foreclosures will now cost servicers

Interesting Quote

In a July speech, Edward DeMarco, acting director of the Federal Housing Finance Agency, told loss mitigation servicers that, "if you have an abandoned property or a borrower not willing to discuss or work with anything, then get going [and foreclose]," he advised.

In cases where the property is vacant or the borrower is not going to pay any of the mortgage, "servicers must expedite foreclosure proceedings under the greatest extent allowable by law."

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