Tuesday, March 10, 2015

HARP, HAMP was transfer of mortgages to Fannie and Freddie.

HARP, HAMP was transfer of mortgages to Fannie and Freddie.
You obtained your mortgage on or before January 1, 2009.
Fannie takeover Sept 2008.
HAMP
Many mortgage companies (servicers) — including Bank of America, JP Morgan Chase, Wells Fargo, and Ocwen — participate in MHA Programs. View the complete list and contact your mortgage company today. If your mortgage is owned, insured, or guaranteed by Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Veterans Affairs, or U.S. Department of Agriculture (USDA), ask your mortgage company which solutions will work best for you. You obtained your mortgage on or before January 1, 2009.
Hamp was made specifically for Pre-conservatorship fannie mae.
You may be eligible for HAMP if you meet the following criteria:
Because of a financial hardship, you are struggliing to make your mortgage payments.
You are delinquent or in danger of falling behind on your mortgage.
You obtained your mortgage on or before January 1, 2009.
Your property has not been condemned.
You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).
I believe this is where the money transfer for MBS came from.
I know first hand in 2009 I did NOT have a Fannie mae loan on my personal house, but when I checked to find out if I qualified for Harp/Hamp sure enough Fannie was holding my mortgage. How did this happen? MBS was indeed transferred from PLS where my original mortgage was originated to Fannie MBS prior to me getting a HAMP refinance at new lower rate.
I would like to know how many others had the same happen to them? On an individual level Im sure PLS was transferred to Fannie MBS behind the scenes, because in MY case it DID happen! Im sure im not the only one!
But if I am the only one, this would constitute a case where it DID happen.
What if there was a circular pattern from PLS to treasury then to Fannie.
What if Treasury bought from PLS as it was failing HUGE, then changed the instrument since they were now the owners of that loan?
What if treasury modified it into a Loan that Fannie could take by its charter and then sold it to Fannie? What if it did this while fannie was clearing mortgages from its books of older mortgages?
Here is a thought, 30 year mortgages clear 10% of their mortgages every 3 years.
Fannie started making money again in about 3 years.
Fannie has a larger book of business than it did 6 years ago. Would it not make sense that Fannie mae would clear the PLS bad loans into their book at same rate as they were removing old loans?
would it not make sense that if Fannie bought its MBS from treasury, that treasury bought from PLS, that Treasury would have to make it conforming by buying up the percentage of the loan that would make it able to have fannie buy it? Fannie could only buy if the treasury sold them a 80% LTV by fannie charter. Could it be Treasury bought the crap part of the loan and sold the Foreclosable value to Fannie to do just that, either foreclose or HAMP or Harp that loan?
Behind the Treasurys curtain of misinformation is the answer to how my house ended up in Fannie mae’s book in 2009 when it was not in 2007 when I first got the mortgage!
Another item I will add is All banks at the time 2008 were selling their PLS qualified loans in mass to fannie and freddie simultaneous to PLS failing. I think this is how my loan moved from PLS to fannie, as my loan would qualify under conforming as I had over 25% down and held zero PMI on my loan!
Again BANKS were moving PLS to Fannie MBS in 2008.

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