Google+
  • Ocwen3.86
  • Zillow41.19
  • Trulia4.01
  • NationStar19.71
  • CoreLogic48.59
  • RE/MAX66.95
  • Fannie Mae3.07
  • Freddie Mac2.99
  • Wells Fargo53.75
  • CitiMortgage72.88
  • Bank of America26.58
  • Fidelity National Financial35.59
  • First American50.65
  • Black Knight Financial Services43.05
  • AUDUSD=X0.7834-0.0043 -0.5408%
  • USDJPY=X113.2940+0.7370 +0.6548%
Home | Daily Dose | Elizabeth Warren Leads Protest of Agency NPL Practices
Print This Post Print This Post

Elizabeth Warren Leads Protest of Agency NPL Practices

Elizabeth Warren

Elizabeth Warren

Senator Elizabeth Warren and Representative Michael Capuano, both Democrats from Massachusetts, led a protest rally in Washington, D.C., on Wednesday to urge Fannie Mae, Freddie Mac, and HUD to stop selling deeply delinquent mortgage loans to private equity firms.

Warren and Capuano are trying to prevent the delinquent mortgage loans from being acquired by investors who are quick to foreclose on them. The lawmakers would rather see the loans acquired by non-profits who would be more likely to engage in the loss mitigation process with borrowers and prevent foreclosure.

To this end, Warren and Capuano along with other stakeholders (including leaders from community non-profit organizations) met with FHFA Director Mel Watt and HUD Principal Deputy Assistant Secretary Ed Golding in Washington to discuss the matter.

"Neighborhood stabilization is an important priority that we all share and FHFA welcomes all perspectives on the issue," an FHFA spokesperson said in response to Wednesday's events. "Director Watt is meeting with local elected officials and housing advocates. We are not at odds; a constructive dialogue is welcomed."

"This whole process shows just how tilted the playing field is for the big banks and hedge funds," Warren said in a statement emailed to DS News. "Many of these banks and funds were responsible for fueling the housing bubble in the first place—leading to the crash that hit these families like a punch to the gut. Now these same banks and funds are turning around and scooping up these loans at bargain-basement rates so they can profit from them a second time. Our government agencies are supposed to work for American families—not for the biggest financial institutions—and they should be doing more to work with non-profits to help families stay in their homes."

"This whole process shows just how tilted the playing field is for the big banks and hedge funds." - Elizabeth Warren

HUD has sold more than $17 billion worth of non-performing loans in the last five years—about 95 percent of which were sold to private investors. According to a report from Bloomberg, HUD has received complaints from non-profits that have the goal in mind of achieving the best possible outcome for the borrowers and the communities in which the properties are located.

"I have long been troubled by the approach federal housing agencies are taking toward families and communities struggling through the foreclosure crisis," Capuano said in an emailed statement. "I have expressed my concerns on numerous occasions—in meetings, Congressional hearings and in writing. I have yet to receive a satisfactory response from anyone. The decision to sell off thousands of loans at a time at sharp discounts to the highest bidder continues to enrich Wall Street at the expense of neighborhoods and community-based organizations. Housing affordability and neighborhood stability are being sacrificed in favor of the economic interests of the largest financial institutions in America."

Mike Capuano

Mike Capuano

Fannie Mae and Freddie Mac have intensified their efforts to sell non-performing single-family mortgage loans in the last year. Since July 2014, Freddie Mac has sold approximately $4.5 billion worth of NPLs through seven bulk sales. Fannie Mae completed its first bulk NPL sale in April including mortgage loans totaling $786 million in unpaid principal balance. In early September, Fannie Mae sold a smaller "Community Impact Pool" of NPLs including 71 loans with approximately $10 million in UPB, specifically geared to engage participation for Non-profits, Minority- and women-owned businesses and community groups. The buyer was New Jersey Community Capital, a non-profit.

"The new NPL sale guidelines for Fannie Mae and Freddie Mac [announced earlier this year] aim to both reduce risk to taxpayers and achieve better outcomes for borrowers," an FHFA spokesperson said in an email to DS News. "The guidelines require NPL purchasers to evaluate all borrowers for loan modifications and to pursue foreclosure only as a last resort.  Fannie Mae and Freddie Mac have been very transparent about their NPL sales programs and have hosted training sessions encouraging non-profits and minority- and women-owned businesses to participate as NPL buyers. This is evident by Fannie Mae’s recent sale of NPLs to New Jersey Community Capital."

Both HUD and FHFA, which is the conservator for Fannie Mae and Freddie Mac, have announced enhanced rules for the sale of non-performing loans in the last six months. HUD now requires the buyer of the loans to delay foreclosure for at least a year and to evaluate the borrower for loss mitigation possibilities. FHFA announced in March a set of more stringent guidelines for NPL buyers.  The new requirements call for bidders to identify servicing partners at the time of qualification and complete a questionnaire to demonstrate a record of successful loan resolution through foreclosure alternatives. As part of the new requirements, servicers who purchase non-performing Agency loans must apply a "waterfall of resolution tactics" before resorting to foreclosure.

"The new NPL sale guidelines for Fannie Mae and Freddie Mac  aim to both reduce risk to taxpayers and achieve better outcomes for borrowers." - FHFA

"We discussed how HUD and FHA might make better use of one of its tools, the Distressed Asset Stabilization Program (DASP), to further the Department’s goal of stabilizing communities  and assisting them as they, and their public-minded partners, work to address severely distressed mortgages that are on the verge of foreclosure," Golding said of Wednesday's activities. "FHA recently made significant changes to this program, including expanding our outreach to participating nonprofit organizations and requiring a 12-month delay in finalizing any foreclosure action to allow struggling families a greater opportunity to remain in their homes or find another sustainable housing solution.

"This meeting offered an important, constructive and meaningful opportunity to discuss broad goals we support with these community leaders. We are, and will continue to be, a strong and consistent supporter of those who toil on the front lines of our housing recovery. FHA takes its mission very seriously. Every day, we work to make sure households have access to affordable mortgage credit and to ensure the agency’s insurance funds remains viable for many millions of households who depend upon FHA. We will continue to explore all responsible options to avoid unnecessary foreclosures while keeping FHA healthy and available for future generations of homeowners."

About Author: Brian Honea

Profile photo of Brian Honea
Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

302 comments

  1. Pingback: Lawmakers to Stage Protest Over Agency Sales of NPLs to Private Investors - Appraisal Buzz

  2. Pingback: Lawmakers to Stage Protest Over Agency Sales of NPLs to Private Investors - Brokers TitleBrokers Title

  3. Pingback: Lawmakers Protest Agency Sales of NPLs to Private Investors - Appraisal Buzz

  4. Pingback: Elizabeth Warren Leads Protest of Agency NPL Practices - Brokers TitleBrokers Title

  5. Pingback: Elizabeth Warren Leads Protest of Agency NPL Practices - Appraisal Buzz

  6. Pingback: Agentage | Elizabeth Warren Leads Protest of Agency NPL Practices

  7. Pingback: Banks In Elizabeth Nj | checking - small business banks

  8. Pingback: Credit Report Protest | Get Your Credit Report

  9. Pingback: Fannie Mae Credit Report Guidelines | report - banks identity theft

  10. Pingback: Fannie Mae Credit Report Guidelines | identity theft attorneys

  11. Pingback: Banks In Elizabeth Nj | credit-card small business banks

  12. Pingback: Fannie Mae Credit Report Guidelines | Find My Credit Report

  13. Pingback: Bank In Elizabeth Nj | popular - get a savings bank account

  14. Pingback: Lone Star Funds becomes lightning rod :: Private Equity Closer Look

  15. Pingback: Fha Hazard Insurance Requirments | Auto car

  16. Pingback: Hazard Insurance Mortgage Loan | Facebook

  17. Pingback: ブランドベルトスーパーコピー

  18. Pingback: Sciopero Atm Milano 10 Luglio | secrets - theatmguide

  19. Pingback: Sciopero Atm 10 Luglio 09 | international - worldwide atms

  20. Pingback: Atm-mi Sciopero 22 Luglio | atm - theatmguide

  21. Pingback: Sciopero Atm 12 Ottobre | compare - topatms

  22. Pingback: Elizabeth Warren Foreclosure Purchases | Find Houses For Sale

  23. Pingback: backlink Site List 2016

  24. Pingback: Ruksis780

  25. Pingback: Wall Street's "Legacy" Problem | KJOZ 880 AM CALL IN TOLL FREE 1-844-880-5569

  26. Pingback: xmt85c4wx5ctwxw3tcerthve56

  27. Pingback: http://falschgeldkaufen.blogspot.com/2017/01/wo-kann-ich-falschgeld-kaufen.html

  28. Pingback: دانلود شهرزاد قسمت نهم فصل دوم

  29. Pingback: دانلود شهرزاد قسمت هفتم فصل دوم

  30. Pingback: دانلود قسمت 13 عاشقانه

  31. Pingback: دانلود قسمت ششم فصل دوم شهرزاد

  32. Pingback: دانلود قسمت چهارده عاشقانه

  33. Pingback: Alexa Tomas

  34. Pingback: Christy Mack

  35. Pingback: دانلود فصل دوم شهرزاد

  36. Pingback: lesbian porn xxx

  37. Pingback: دانلود قسمت اول شهرزاد دوم

  38. Pingback: پنجره

  39. Pingback: Hundeskove i Nordjylland

  40. Pingback: دانلود قسمت سوم شهرزاد دوم

  41. Pingback: دانلود قسمت پنجم شهرزاد دوم

  42. Pingback: دانلود قسمت دوازدهم عاشقانه

  43. Pingback: porno

  44. Pingback: taylormade m1 australia

  45. Pingback: Admission via Good Donation in any medical college

  46. Pingback: Olen

  47. Pingback: porno gratis

  48. Pingback: videos porno

  49. Pingback: porno gratis

  50. Pingback: videos porno

  51. Pingback: videos porno

  52. Pingback: videos porno

  53. Pingback: videos porno

  54. Pingback: قیمت پنجره دوجداره

  55. Pingback: آموزش ساخت پنجره دوجداره

  56. Pingback: دانلود فیلم سریال عاشقانه

  57. Pingback: دانلود قسمت هفدهم عاشقانه

  58. Pingback: Facial Spa Services Pompano Beach

  59. Pingback: Acne Facial Treatments Cooper City

  60. Pingback: Acne Facial Treatments Lighthouse Point

  61. Pingback: Acne Facial Treatments Oakland Park

  62. Pingback: thigh support

  63. Pingback: دانلود قسمت ششم شهرزاد دوم

  64. Pingback: casino games australia

  65. Pingback: دانلود قسمت پنجم شهرزاد دوم

  66. Pingback: cliquez ici

  67. Pingback: buy zynga poker chips

  68. Pingback: cheap jordans

  69. Pingback: دانلود قسمت هفتم شهرزاد

  70. Pingback: پنجره

  71. Pingback: slim led recessed light

  72. Pingback: coin-banks bitcoin

  73. Pingback: coin-banks

  74. Pingback: coin-banks.com

  75. Pingback: bitcoin hft

  76. Pingback: coin-banks review

  77. Pingback: Porn

  78. Pingback: دانلود قسمت هشتم شهرزاد

  79. Pingback: saiba mais

  80. Pingback: anime series

  81. Pingback: دانلود شهرزاد 13

  82. Pingback: دانلود شهرزاد قسمت 13

  83. Pingback: پنجره دوجداره

  84. Pingback: Strasbourg

  85. Pingback: zobacz

  86. Pingback: TRUSSARDI

  87. Pingback: Car Meet

  88. Pingback: Social Media Marketing

  89. Pingback: fantasy

  90. Pingback: Haley

  91. Pingback: Automate Money Making Make Money Online

  92. Pingback: دانلود سریال شهرزاد قسمت 16

  93. Pingback: Roofing Contractors Long Island

  94. Pingback: 5. chaincoin (chc),2.steemit

  95. Pingback: دانلود شهرزاد قسمت 16

  96. Pingback: دانلود فیلم

  97. Pingback: دانلود قسمت دوم سریال عالیجناب

  98. Pingback: 火锅

  99. Pingback: دانلود سریال عالجناب اول

  100. Pingback: belly fat

  101. Pingback: cpf

  102. Pingback: political polls twitter

  103. Pingback: High School Assembly Speakers

  104. Pingback: Pig Stop motion

  105. Pingback: auto electrical repair shop near me

  106. Pingback: پنجره ضد سرقت المانی

  107. Pingback: آموزش ساخت پنجره دوجداره

  108. Pingback: Fukrey Returns Trailer

  109. Pingback: شرکت تولیدی پنجره دوجداره المانی

  110. Pingback: دانلود

  111. Pingback: bus songs

  112. Pingback: easy business ideas

  113. Pingback: loco lingo

  114. Pingback: titleist 917

  115. Pingback: Move Out Cleaning nolanville TX

  116. Pingback: Catering

  117. Pingback: discount codes

  118. Pingback: merci

  119. Pingback: buy home

  120. Pingback: Play Doh

  121. Pingback: Digital Advertising Ireland

  122. Pingback: پنجره دوجداره

  123. Pingback: upvc

  124. Pingback: پنجره دوجداره

  125. Pingback: finger family

  126. Pingback: how to buy bitcoin

  127. Pingback: Pixel Gun hack

  128. Pingback: авто-ключар

  129. Pingback: baby song

  130. Pingback: دانلود

  131. Pingback: پنجره ضد سرقت

  132. Pingback: پنجره

  133. Pingback: back to school

  134. Pingback: پنجره دوجداره

  135. Pingback: پنجره دوجداره

  136. Pingback: IELTS exam in Karachi

  137. Pingback: IELTS teacher in Karachi

  138. Pingback: can you buy weed online

  139. Pingback: IELTS test in Karachi

  140. Pingback: مشاوره بازاریابی آنلاین

  141. Pingback: affordable all on four pembroke pines

  142. Pingback: bottom slim

  143. Pingback: kids songs

  144. Pingback: walmartone login

  145. Pingback: judi telak 4d

  146. Pingback: see here

  147. Pingback: truck

  148. Pingback: Limos Bus Vancouver BC

  149. Pingback: kids songs

  150. Pingback: seomarketing.JeStartpagina.nl

  151. Pingback: agen dominoqq99

  152. Pingback: https://en.gravatar.com/adulttoys195

  153. Pingback: 6 inch showerhead

  154. Pingback: buy views on youtube

  155. Pingback: edsheeran

  156. Pingback: private proxies

  157. Pingback: دانلود فیلم اکسیدان

  158. Pingback: window

  159. Pingback: window price

  160. Pingback: air jordan retro

  161. Pingback: دانلود

  162. Pingback: Learn Colors

  163. Pingback: weblink

  164. Pingback: water line replacement

  165. Pingback: Bad Baby

  166. Pingback: Seo Yakima

  167. Pingback: clique aqui

  168. Pingback: پنجره

  169. Pingback: پنجره دوجداره

  170. Pingback: دانلود فیلم

  171. Pingback: Bad Doctor

  172. Pingback: Coconut Water Processing Machine

  173. Pingback: youtube music charts

  174. Pingback: silor b

  175. Pingback: gardening

  176. Pingback: Seo

  177. Pingback: Finger Family Song

  178. Pingback: Agustin

  179. Pingback: garden bridge

  180. Pingback: slimming pants

  181. Pingback: cool products

  182. Pingback: Masha & The Bear

  183. Pingback: mens hairstyles

  184. Pingback: business cards montreal

  185. Pingback: صيانه

  186. Pingback: gay porn

  187. Pingback: Fuzjn Project 365

  188. Pingback: Fuzjn Project 365

  189. Pingback: live sex cams

  190. Pingback: Montclair Low cost Home Remodeling contractor

  191. Pingback: Seo

  192. Pingback: uk top 40

  193. Pingback: casinoswing.com

  194. Pingback: 12 month loans

  195. Pingback: stainless steel chips dip bowl

  196. Pingback: kitchen tools

  197. Pingback: دانلود

  198. Pingback: Testbank

  199. Pingback: Manual Solutions

  200. Pingback: download movie

  201. Pingback: download

  202. Pingback: دانلود

  203. Pingback: unix timestamp

  204. Pingback: window

  205. Pingback: دانلود

  206. Pingback: Strategy Gameplay

  207. Pingback: garden bridges San Francisco

  208. Pingback: پنجره

  209. Pingback: دانلود فیلم

  210. Pingback: garden bridges

  211. Pingback: Affiliate marketing

  212. Pingback: top real estate themes wordpress

  213. Pingback: Bad Credit Remortgages

  214. Pingback: what that

  215. Pingback: slabs

  216. Pingback: valerie

  217. Pingback: home maker on the edge

  218. Pingback: Self Storage Units and Facilities in Linden

  219. Pingback: watch movies online

  220. Pingback: comedy cartoon

  221. Pingback: Poker Online

  222. Pingback: Corynebacterium Diphtheriae Symptoms

  223. Pingback: commercial air conditioning repair Upland

  224. Pingback: Easiest Way To Make Money - $326 a Day Online Without a Website

  225. Pingback: 10 Facts About USA Military

  226. Pingback: blackhead removal tool

  227. Pingback: Vehicles for Children

  228. Pingback: vape mods for sale

  229. Pingback: cheap jordans china

  230. Pingback: refillable vape pen

  231. Pingback: buy hacklink

  232. Pingback: send car overseas

  233. Pingback: دانلود فیلم نهنگ عنبر

  234. Pingback: google leaks

  235. Pingback: Judi Online

  236. Pingback: test bank eu

  237. Pingback: Agen Bola

  238. Pingback: ad network

  239. Pingback: boxing

  240. Pingback: پنجره

  241. Pingback: پنجره

  242. Pingback: taurus man in love traits

  243. Pingback: Homepage

  244. Pingback: پنجره کرج

  245. Pingback: دانلود شهرزاد فصل دوم

  246. Pingback: دانلود شهرزاد

  247. Pingback: headhunting

  248. Pingback: Infant car seat canopy

  249. Pingback: Booster seat cover

  250. Pingback: horse sex

  251. Pingback: نهنگ عنبر

  252. Pingback: Billiga Canada Goose Jackor

  253. Pingback: Limos

  254. Pingback: baby shower gift

  255. Pingback: sex trafficking

  256. Pingback: dealfeed

  257. Pingback: dealfeed

  258. Pingback: Tueroeffnung

  259. Pingback: Judi Online

  260. Pingback: Bangkitlah Jermanku!

  261. Pingback: https://www.youtube.com/watch?v=GPJYH7LYunc

  262. Pingback: mobile porno

  263. Pingback: game hack

  264. Pingback: index

  265. Pingback: porn movie

  266. Pingback: پنجره

  267. Pingback: free pay online

  268. Pingback: دانلود

  269. Pingback: Olahraga On The Spot

  270. Pingback: gggo there

  271. Pingback: Secret Life of Pets

  272. Pingback: ΑΘΗΝΑ ΞΕΝΟΔΟΧΕΙΑ

  273. Pingback: فروش لینک

  274. Pingback: pirater un compte facebook

  275. Pingback: buy hacklink

  276. Pingback: ΚΟΥΠΟΝΙ ΣΤΟΙΧΗΜΑΤΟΣ

  277. Pingback: bluetooth earbuds

  278. Pingback: Oddsmonkey

  279. Pingback: www vedic astrology predictions

  280. Pingback: napkin holder

  281. Pingback: Car Wash

  282. Pingback: 2 دانلود نهنگ عنبر

  283. Pingback: Oddsmonkey

  284. Pingback: Oddsmonkey

  285. Pingback: Oddsmonkey

  286. Pingback: Oddsmonkey

  287. Pingback: WalmartOne Login

  288. Pingback: eyevage review

  289. Pingback: consumerhealthdigest.com/menopause-supplement-reviews/menoquil.html

  290. Pingback: consumerhealthdigest.com/sleep-aid-reviews/somulin.html

  291. Pingback: prostara

  292. Pingback: marks and spencer coupon

  293. Pingback: omega xl review

  294. Pingback: zenofem reviews

  295. Pingback: نهنگ عنبر

  296. Pingback: رگ خواب

  297. Pingback: Breastfeeding cover

  298. Pingback: btc to usd

  299. Pingback: Business

  300. Pingback: smart film

  301. Pingback: San Diego SEO services

  302. Pingback: Manifesting

Leave a Reply

Scroll To Top