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May 27, 2011

Biggest Foreclosure State. Liquidating Fannie/Freddie.

May 27, 2011

Biggest Foreclosure State. Liquidating Fannie/Freddie.

The government is exploring ways to liquidate hundreds of billions, or trillions, of Fannie & Freddie portfolios. There are 15 F&F-related bills in the House, little interest in the Senate about doing anything soon, and the NAR and mortgage-related groups arrayed against House Republicans, who are now looking to peddle F&F’s assets.

If a mortgage bank was trying to sell loans to an investor and thought the investor wouldn’t like delinquency rates, they can just make up their own delinquency rates, right? Not unless they want millions in fines. Which reminds me of the latest flurry of mortgage fraud headlines:

Miami leads the nation in loan modification fraud.

And the latest good old fashioned loan fraud is in Massachusetts.

Miami leads U.S. in fraud and Florida leads U.S. in foreclosures. Twenty-four percent of all U.S. mortgages foreclosing are in Florida—more than 22 other states combined. More than half the mortgages in foreclosure in the U.S. are concentrated in 5 states.