Relevant:
- (Saving...) Fannie Mae, Freddie Mac to go after more strategic defaulters
- Straightening Out the LA Times, Fannie, Freddie, Strategic Defaults and Deficiency Judgments
- Short Sales for Borrowers Current on Mortgage
- Walkaway? Not So Fast . . .
- The Short Sale Scam: Most Going to Non-Recourse States that Bar Deficiency Judgments
2013-09-24 — americanbanker.com
``Fannie Mae and Freddie Mac failed to pursue and collect deficiencies from foreclosed borrowers who had the ability to repay, according to an inspector general's report released Tuesday.
A deficiency exists when the proceeds of a foreclosure sale are less than the borrower's loan balance. Many lenders continue to track down borrowers long after a foreclosure or they sell the debt to a third party that tries to collect a deficiency judgment.''
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