Fannie Mae-No Politics (FNMA)

[clarencebeaks21]

Robert. Yep. I know. I litigated hundreds of MH claims with some big fish.

You’ve not lived until you’ve visited an impassable mountain-dirt ‘driveway’ in Carolina, snaking up an alpine slope to a peak, whereupon you find a MF home’s DIY ‘addition’ had cracked and went over a cliff in a mud slide, pulling half the trailer along with it—leaving just its skirting. But I digress.

We hired auditors & found over 300 loans in 20 states that - by law - could not title the MF as a real property (rather it was via DMV). No one at the origination shops evidently found it odd that the title omitted the Alta 7 endorsements. Nor did GSEs spot check the title. So on most these cases the actual original LTV was not 97%, it was over 500% - lacking a dwelling of real property. Many were never resold after years of effort. Brought in wrecking ball guys. Total losses often > 100%.