Reporting Fraud.......

[Otis Key]

I got the same email and already told another appraiser here to call because she was in the middle of something that was close enough for me to tell her.

 

[Pamela Crowley (Florida)]

PUT IT IN WRITING!!!

mortgagefraud_tips @ fanniemae. com (remove the spaces)


Shoot, they just found out that what I've been reporting is finding the fraud the easy way.

Send it to both them and me.
pec514 @ yahoo. com (remove the spaces)

My list is large, they are just one. The more different regulators, investigators, lender QC and fraud depts, media of interest, etc., that these are reported to, the less chance they will be ignored.

 

[TEL2002]

Gotta agree with Pam on this one. Send it her and to Fannie. The brighter the light the fewer places the dirt can hide.

Actually, I sorta figured Pam was Fannie Mae's motivating force. It don't look good for the big guys, when one little ole girl from FL does more in a week than they have done in a year.

 

[Jill Kinnaird]

Isn't FNMA the same bunch who've just been hit with millions in fines because of their questionable accounting? Also, why is FNMA advertising for hundreds of positions to be filled throughout the country? Call me paranoid and cynical but doesn't this sound like, 'You've caught me, I guess I'll try to go legit or at least make the appearance of doing so?'

 

[Annemieke Roell]

Isn't FNMA the same bunch who've just been hit with millions in fines because of their questionable accounting? Also, why is FNMA advertising for hundreds of positions to be filled throughout the country? Call me paranoid and cynical but doesn't this sound like, 'You've caught me, I guess I'll try to go legit or at least make the appearance of doing so?'

It is better than nothing and it is a start

 

[Mr Rex]

It is better than nothing and it is a start

And they need to redirect the inquisition away from the accounting department. BTW, from what I understand, a substantial amount of their accounting problems were related to hiding losses from bad loans. So now they decide it might be time to look for the front of the train, rather than look at the caboose from a prone position, 'twixt the tracks.

 

[Renee Healion]

Look you're spoiling a fine restitution plan...some guy named Franklin is going to cover the phones in lieu of returning bonuses awarded based on bad numbers. He's booked into the year 2206. Is there no no forgiveness in your jaded souls?

 

[Bobby Bucks]

I’m about to email them a PDF of a report completed about 5 years ago. Appraised value was $350,000. Loan amount $280,000. Foreclosed after 12 months and subsequently sold for $90,000 which should have been enough to trigger the REO red flags back then, but somehow didn’t. My retrospective value is $90,000 which is in my personal fraud file. It was a classic Bada Bing deal, subject in a neglected area, all comps 10-12 blocks away in a designated historic district. I hope Fannie’s method works, no review, very little time on my end, no worries about vindictive crooks with political connections……looking for the Vincent Price gif again.

 

[Otis Key]

Isn't FNMA the same bunch who've just been hit with millions in fines because of their questionable accounting? Also, why is FNMA advertising for hundreds of positions to be filled throughout the country? Call me paranoid and cynical but doesn't this sound like, 'You've caught me, I guess I'll try to go legit or at least make the appearance of doing so?'

The corporation isn't the real problem. It's the people who are in control of each section. That said, show me one recently that hasn't announced a re-reporting of earnings to compensate for losses not accounted for in the initial announcement. Even Freddie just did an announcement not too long ago, if I remember correctly. Fannie just wanted, sought out and got the center of attention.

I honestly believe that this might be a valid and valient effort to work on cleaning not only the appraisal process and profession up but also the MB and lending aspect as well. There could also be an additional benefit from the aspects that agents might start to wake up and start reporting more facts instead of hiding behind more disclaimers than even I can come up with. It would be nice to get factual information and not worry half as much about how many "non-disclosed/stated/indicated" facts about a property are there.......including the SELLER CONCESSIONS that are TRUE.

I'm about to send one off that I happened to get a copy of as part of a relo appraisal and it's going to the state as well. I've seen this person's work tooooooo many times and there was a charge once before that resulted in a fine and additional education. Apparently this person slept through the ethics section of USPAP.

Don't fight something that appears like it might be doing something towards the good.

 

[Dan Blanchard]

(Is the ball starting to roll down hill, are things looking up for the good guys????????????)

Very good, T.E.!

I'm still under the microscope for upgrade to CG. I have one I will send in later. I'ts pretty bad. Right now I don't want to rock the boat.