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Fannie Mae pressures banks to foreclose, despite their own policy

“Detroit Free Press investigative reporter Jennifer Dixon reports Sunday that Fannie Mae is privately telling banks to foreclose on homeowners who are more than a year deliquent even if the borrowers are seeking a federal loan modification. The policy, uncovered in confidential Fannie Mae records, is contrary to Fannie Mae’s public assurances that homeowners will be protected from foreclosure while applying for a federal HAMP loan.

A report Monday reveals how Fannie Mae and Freddie Mac are selling foreclosed homes way below market value, lowering property value throughout metro Detroit.”

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