Shortsalenurse's HAFA Blog

March 23, 2011

Does Fannie Mae Have Two Faces? Read this Story and you tell me…

Fannie Mae seems to be taking a new philosophical approach to business, I will call “Conflicting Faith” that is someplace between good faith and  bad faith.  Right in my small home town of Jamul, Ca.  there was a property for sale that I passed everyday at least twice.   It was a short sale, being serviced by a Bank.  An illness was forcing this sale and that was communicated to  the Bank / Servicer  and thus Fannie Mae.  As you all know Fannie Mae has announced similar guidelines that are 90% the same thing as HAFA they even call it their own version of HAFA.

Watching the MLS  I could see the property was offered for $300.000.00  and knowing the listing agent was a consummate professional and knowledgeable in short sales,   seeing that Bank – Servicer who was involved and that it was a Fannie Mae loan,  all I could think was HAFA.  Fannie Mae had to know the listed price of the property.  According to the agent offers had been submitted on the property.

Sadness however happens.  Foreclosure resulted, the property was taken back.  It is now being offered for $249,900 dollars.  Only a $50,100.00 reduction in the price of the home. HOW DID THIS HAPPEN? Why was pricing guidance not given to the listing agent?    This looks like a GIANT PREFERENCE TO FORECLOSE TO ME!  Seeming how Fannie Mae is in Tax Payers pockets to the tune of about $100 Billion I think  we need to look at reviewing their approach  at their pricing policy in a  logical  manner.

I say Give Short Sale Agents  pricing guidance on all your Fannie Mae Loans.  Give us the same 3% down on your own loans before foreclosure, just like your offering on this property now.  Give us a return to common sense.   Because right now,  to this real estate professional it looks like you are working with “Conflicting Faith”.  If  these policies are good when you own the property as and REO, let me share something with you, you own it even before its and REO. Our Congressman who are floating your boat right now will understand this.  Our local leaders are seeing our  tax base decimated by this type of policy.

This is not to mention your required Fannie Mae Addendum that removes any disclosure responsibility, on the property.  This could in fact be a 3% down payment into a nightmare property that someone with a small down payment is willing to just try to own a home ,  to achieve part of the American Dream, could be buying into the America Nightmare.

Is  lowering your normal  down payment not preferential financing? Could a logical person not consider this a statement that  your trying to inflate the  price?   If it is for sale at a fair price why do the special financing?  But here are the crashing cymbalsIf the home was not fairly priced at $300,000.00 why did Fannie Mae not give pricing guidance to the SHORT SALE AGENT? Should we blame the Servicer?  Do you have a preference to foreclose?

Fannie Mae, I want to make  you  feel like the most hit on girl at a school dance.  It’s high time we take a look at you.  I want to know why you use a  super special double secret mixture of Brokers Price Opinions  and automated value opinions to set prices for Short Sales and you will not use a Broker Price Opinion to do a Loan.  What is different about determining a value for a Short Sale and a loan that involves a sale? Explain to me why MARKET VALUE determination methods are different!  Maybe you can get your brother Freddie Mac to explain this to me.  Also  why is it your policy to hide this valuation method?  I am not the only real estate professional that wants to see your valuation system make sense .  Are you just too penny wise and pound foolish to pay for an appraisal?    And the final  question when are you going to start answering simple questions like why you feel you are entitled to your own Short Sale Program?   Is the Treasury Department Program not good enough for you?   Your still dipping into Government Funds to pay for your HAFA program.

If your my Congressman reading  this,  I ask that you  make a formal inquiry into  why a company in Federal Receivership spent all kinds of time and money to develop a second version of an already written Government Program. Is it time to remind Mrs. Fannie Mae she is  in receivership and we have a right to answers? If Fannie Mae does not  want to answer the questions,  give the Tax Payers the $100 Billion Dollars you  owe us and I will not cry foul.  Until then every time you show up to the school dance, I am going to do all I can to give you all my attention.  Welcome to the public fish bowl, which way you going to swim?  Also Congressman is it not funny that Fannie and Freddie who dip into our pockets to support their programs are providing different benefits to the TAXPAYER.  How can this be?  Different Program versions different benefits, are companies like  citizens not  to be treated equally.   I don’t understand.

I am going to send this far and wide,  if Fannie Mae wants to talk about this example, I am game.   If it was the Bank who could fairly  price the property and foreclose improperly,  I will publish their name and ask they make thier error right.  If not, Fannie this “Conflicting Faith”  is on you!  This looks like a $50,000.00 problem to me.  Is it true the CEO of Fannie Mae makes more money than the Treasury Secretary? Senators and Congressman?

All Marketing Done with the Assistance of Kalabash Marketing

good night mrs. Kalabash where ever you are.

just a tiny secret message 4 Mrs. Kalabash


George Kenner, Broker Associate Keller Williams Realty Lic. 01229951

619-723-5714   –



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