Fannie Mae Announces Year-End Servicer Performance Scorecard Results
By Daniel Edstrom
DTC Systems, Inc.
Quote from news release dated March 15, 2012:
The STAR Program was created to establish standards and recognize excellence among Fannie Mae servicers in their overall performance, customer service, and foreclosure prevention efforts.
Overall STAR performance rankings are issued on an annual basis each April.
Apparently Fannie Mae missed the flood of Cease and Desist Consent Orders issued by various government regulators on April 13, 2011 for unsafe or unsound foreclosure policies and practices. The government regulators were the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Federal Housing Finance Agency.
Fannie Mae has apparently missed the fact that nothing has changed and the servicers are not abiding by the Cease and Desist Consent Orders, unless they are doing this in secret or on a limited basis.
Here is the text of the news release, followed by the STAR Scorecard results for the previous quarters in 2011. Continue reading “Fannie Mae Announces Year-End Servicer Performance Scorecard Results”
SEC CHARGES FORMER FANNIE MAE AND FREDDIE MAC EXECUTIVES WITH SECURITIES FRAUD
By Daniel Edstrom
DTC Systems, Inc.
The Securities and Exchange Commission just released the following information:
Companies Agree to Cooperate in SEC Actions
FOR IMMEDIATE RELEASE
Washington, D.C., Dec. 16, 2011 — The Securities and Exchange Commission today charged six former top executives of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) with securities fraud, alleging they knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.
Fannie Mae and Freddie Mac each entered into a Non-Prosecution Agreement with the Commission in which each company agreed to accept responsibility for its conduct and not dispute, contest, or contradict the contents of an agreed-upon Statement of Facts without admitting nor denying liability. Each also agreed to cooperate with the Commission’s litigation against the former executives. In entering into these Agreements, the Commission considered the unique circumstances presented by the companies’ current status, including the financial support provided to the companies by the U.S. Treasury, the role of the Federal Housing Finance Agency as conservator of each company, and the costs that may be imposed on U.S. taxpayers. Continue reading “SEC CHARGES FORMER FANNIE MAE AND FREDDIE MAC EXECUTIVES WITH SECURITIES FRAUD”
MERS CEASE AND DESIST FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES!!!
By Daniel Edstrom and Jim Macklin
DTC Systems, Inc. and Secure Document Research
On April 13, 2011 the Department of the Treasury, Comptroller of the Currency, Board of Governers of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision and the Federal Housing Finance Agency have issued a consent order stating that these agencies have identified
“certain deficienies and unsafe or unsound practices by MERS and MERSCORP that present financial, operational, compliance, legal and reputational risks to MERS and MERSCORP that present financial, operational, complaince, legal and reputational risks to MERSCORP and MERS, and to the participating Members.”
OCC No. AA-EC-11-20
Board of Governers Docket Nos. 11-051-B-SC-1, 11-051-B-SC-2
OTS No. 11-040
FHFA No. EAP-11-01
Read the full 31 page Consent Order here: http://dtc-systems.net/wp-content/uploads/2011/04/MERS_Cease_and_Desist_2011_04_13.pdf