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Whistleblower: Fannie Mae Bungled HAMP Anti-Foreclosure Program

By Implode-Explode Heavy Industries

``Herron charges that Fannie Mae continued in headlong pursuit of ?trial mods? even though it knew many had little chance of becoming permanent. As late as September 2009, barely 1 percent of trial modifications had converted to permanent modifications by the end of their three-month trial, a Congressional oversight panel found. Nevertheless, Fannie preferred doing trials, Herron alleges, because it was eligible to receive incentive payments from the Treasury Department for trial modifications it booked before the end of 2009.''

Full post as published by Mortgage Lender Implode-o-Meter on August 06, 2010 (boomark / email).