09 | November | 2015 | Deadly Clear

OMG – Somebody please insist on an audit.

Freddie Mac announced Monday that it intends to sell off $1.2 billion in non-performing loans, marking its eighth sale of non-performing loans since the Federal Housing Finance Agency announced the new requirements for sales of NPLs by Freddie Mac and Fannie Mae to make sure the loans go to capable mortgage servicers.

The loans are all “deeply delinquent,” according to Freddie Mac, and will be sold in seven pools.

The entire portfolio of loans are currently being serviced by Wells Fargo (WFC).

According to Freddie Mac, the sale will be conducted via auction, with all eligible bidders, including private investors, minority and women-owned businesses, non-profits and neighborhood advocacy funds encouraged to bid on the seven pools of loans.

Read on.

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Let’s get very real here. There are mortgages granted every day, by banks like Wells Fargo for example, that have clauses that the 2nd home property cannot be entered into rental pools and must be owner occupied. Once the mortgage is signed the 2nd home is immediately entered into various rental companies like HomeAway… Lying to the bank – Mortgage Fraud maybe?

Justice League

There’s an interesting new article out on the celebrated Massachusetts U.S. Bank v. Ibanez case that suggests that the defendant, Antonio Ibanez, was at the center of a property fraud ring. It’s not clear to me that there was anything illegal about Ibanez’s activities, but even if there were, I don’t think it much matters.

The article is by Zachary K. Kimball, who appears to currently be employed by McKinsey. The paper itself seems to have been written while Kimball was a law student at Harvard, but with its genesis when Kimball was a researcher at the Boston Fed. The contribution of the paper is to document the various property dealings of Antonio Ibanez, the defendant in US Bank v. Ibanez. Kimball did some impressive digging into the public property records to discover the various property dealings of Mr. Ibanez. He shows that the property at issue in Ibanez

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