Banks May Buy Back Faulty Mortgages? - bloomberg

N.Y. Fed May Require Banks to Buy Back Faulty Mortgages, Assets - Bloomberg: "The Federal Reserve Bank of New York may seek to require banks to buy back its holdings of faulty mortgages and other assets acquired through the rescues of Bear Stearns Cos. and American International Group Inc., a spokesman said.

“We are involved in multiple efforts related to exercising our rights as investors in non-agency RMBS or CDO securities,” New York Fed spokesman Jack Gutt wrote in an e-mail, referring to residential mortgage-backed securities and collateralized debt obligations.

Steps include “those that require originators to repurchase ineligible loans,” Gutt wrote, referring to ones that aren’t backed by federal entities and violate bond contracts. “These efforts support our primary goal of maximizing the value of these portfolios on behalf of the American taxpayer.”"

Further in the report was this quip:

"Investors suspect that loan servicers -- who are responsible for pursuing repurchases and handling billing, collections and loan modifications -- may not be seeking as many as possible, in part because other units of their companies would be the ones required to take back the debt, according to the letters."

KEEP READING THIS REPORT or Watch video on Bloomberg

http://www.bloomberg.com/video/61995394/

EDITORS NOTE: Will this help or hurt those trying to fight foreclosures based on secularization?

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Fannie Mae frauded zillions of Homeowners: Watch how it makes $$ from YOUR carbon credits

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

In a departure from the normal posting here, consider this: You don't think what happened to American homeowners and their mortgages has anything to do with you? You can watch this slide show from a popular blog and see how the fraud works in foreclosures. You can also scroll down and watch the video from my previous post about how the mortgage providers profit from short sales and foreclosures.

Evidently, if you can fraud one group of people successfully then you can go on to fraud even more. Not everyone thinks that the majority of home loans was a cesspool of fraud, but many think it has been a fraud nightmare for years. Left unchallenged power corrupts, and with big money at stake power and greed make a frightening partnership.

FANNIE MAE is now planning to do with CARBON CREDITS what it did with the mortgage market. In its first step Fannie Mae has obtained patent rights for system to trade household energy into carbon credits...Be AFRAID be VERY AFRAID

For years its been drilled into us to save... and now they will profit big time READ the article here:

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HEAT OF THE MOMENT

Disgraced Fannie Mae deep in carbon scheme

Mortgage giant set to collect millions marketing homeowners' energy savings

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Posted: June 25, 2010
11:10 pm Eastern

By Jerome R. Corsi
© 2010 WorldNetDaily

With the Obama administration pushing for cap-and-trade legislation, former Clinton and Obama adviser Franklin Raines has positioned the government-sponsored mortgage giant Fannie Mae to make millions by selling carbon credits from American homes.