Did Fannie Mae run afoul of California’s short sale laws?

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Fannie Mae’s charter has historically prevented it from guaranteeing loans with a loan-to-values over 80% without mortgage insurance or a repurchase agreement with the lender; however, in 2006 and 2007 Fannie Mae did purchase subprime and Alt-A loans as investments.

if Fannie Mae approves a short sale purchase offer, the servicer must suspend the foreclosure sale to allow the short sale to close as permitted under state or local law; and if a notice of trustee/sheriff sale has been recorded and the servicer is notified of borrower approval by the HFA, the servicer may postpone the foreclosure proceedings.

Despite the rule going live, the FHFA-OIG claims Fannie servicers collected borrower contributions on 124 short sales completed in 2012, possibly violating California law. After requesting Fannie short-sale data going back to 2011, the OIG acknowledged that 1,222 borrower contributions were collected, potentially violating California rules.

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That means you cannot use the short sale as a way to get rid your old house in a declining housing market and buy a comparable house for a lower price. Getting an Fannie Mae/Freddie Mac Loan After Short Sale. Waiting periods for a Fannie Mae or Freddie Mac mortgage loan following a short sale vary, depending on the circumstances.

In 19th-century America, there was a concerted effort to ban alcohol sales on Sunday. "Blue laws," intended to protect the sanctity. and the government-sponsored mortgage companies Fannie Mae and.

if Fannie Mae approves a short sale purchase offer, the servicer must suspend the foreclosure sale to allow the short sale to close as permitted under state or local law; and if a notice of trustee/sheriff sale has been recorded and the servicer is notified of borrower approval by the HFA, the servicer may postpone the foreclosure proceedings.

Fannie Mae, Freddie Mac shares tumble as Treasury. member of the couple’s domestic staff. Since the couple did not have a prenuptial agreement, Schwarzenegger was required under California law to.

Merging the two codes had significant adverse consequences, as consumers with a short sale were subject to a seven-year waiting period for another mortgage, rather than a two-year waiting period that normally applies to short sales. Despite Fannie Mae’s alleged misuse of the reported information, plaintiffs John Shaw, Kenneth Coke, and.