Improvements to Foreclosure Attorney Networks
Washington, DC –The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to transition away from current foreclosure attorney network programs and move to a system where mortgage servicers select qualified law firms that meet certain minimum, uniform criteria.Fannie had essentially black-listed some attorneys in the months following the foreclosure moratorium. Now Big Daddy FHFA is laying down some new "uniform improvements" to rein in the attorney selection process. Fannie publishes its updated "Mandatory Retained Attorney List", where on occasion one can observe deletions, suspensions or ineligibility status.
Although details of FHFA's direction for "uniform improvements" has not been released, it would appear that the head office wants to take a stronger hand in that selection process. Given the GSE's previous cronyism this is probably another step in the right direction
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