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Another Bank Settles with Fannie and Freddie

Credit Suisse to pay $234 million to Fannie Mae and $651 million to Freddie Mac

Federal Housing Finance Agency has recovered more than $10.1 billion from banks over the sale of toxic mortgage backed securities.

Settlements have also being reached with Wells Fargo & Co, JPMorgan Chase, Citigroup Inc, Deutsche Bank AG, and Morgan Stanley. So basically most major banks were involved here. Outstanding lawsuit include the behemoth that is Bank of America Corp

If you are reading this chances are your mortgage was or is owned or serviced by one of these companies. You wonder with all this money flying around why can’t they grant more loan modifications and do so in a timely fashion.

I am tired of watching deserving homeowners wait for years to get a loan modificaiotn or even worse see their home go into foreclosure when the banks are in aposition to modify the terms of the loan. Just this afternoon I was talking with a homeowner who has waited close to a year just for the bank to confirm that it has all th epaperwork necessary for a loan modification. Wow! Seh sent in documents time after time only to be told something is missing. Sucks that homeowners do not have the power to extract the concessions that Fannie and Freddie have so far.

In the past week, I wrote about the oncoming rise in interest rates for modified loans and the New York times has a nice article you check out here.

Joseph K. Githuku

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