Fannie Mae & Freddie Mac Swooping In To Steal Homes After Foreclosure

This is an old news item, but one we thought we should share with the foreclosure community.  In a nutshell, after you've been foreclosed on by one of the Big Banks that received a bailout in October 2008 (you know, Wells Fargo, Bank of America, JPMorgan, Citibank), Fannie Mae and Freddie Mac are swooping in to get you evicted from your home.  They become the owner of record and if they can't get you to leave after obtaining a court order, the sheriff will forceably remove you.

Here's what happened.  While the banks were being bailed out, the Federal Reserve printed new money (you knew they did that, right? yeah - printed money out of thin air ...) to buy their bad assets.  What the Fed bought were Mortgage Backed Securities (MBS).  Why did the Fed do that?  Because it was the "Fannie/Freddie/Wall Street mortgage 'daisy chain' of securitization scheme" that really collapsed.  More and more of the MBS went into default.  So the Fed came in, paid off the insurance obligations and walked away with more than a trillion in MBS on their balance sheets.

You heard that, right?  Paid off the insurance obligations.  Yup.  That's right.  Your note (which isn't really a note anymore, but you'll have to read the article to get a better handle on that one) was satisfied because the investors got paid by the Fed.  So the Fed, technically, became your investor.

There's a lot here.  And it's great stuff.  Rather than regurgitate it all for you, Ithink you should read the article for yourself: U.S. Foreclosure Fraud in a Nutshell - How Average Joe's Home Was Stolen.

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