Fannie Gets Tough on ‘Strategic Defaulters,’ Will GSE Exist Long Enough to Enforce It?
June 24, 2010
Fannie Mae this week said it won’t purchase mortgages made to borrowers who deliberately defaulted on a previous loan or failed to work with their servicer to mitigate foreclosure losses. The government-sponsored enterprise also said that it will be more aggressive in pursuing deficiency judgments against borrowers who “strategically” default on their loans in jurisdictions that...