Did Fannie Mae run afoul of California’s short sale laws?

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Remitting Short Sale Proceeds Fannie Mae requires servicers to remit the short sale proceeds to Fannie Mae within two business days of a servicer’s receipt of the net sale proceeds, but no later than three business days after the short sale closing. The list below includes important reminders for remitting short sale proceeds.

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Conventional Fannie Mae/Freddie Mac: 2 yrs. with 5-20% DOWNPAYMENT with extenuating circumstance/Fannie Mae only 4 yrs. with 10% downpayment/freddie mac 7 yrs. if FORECLOSURE/both Fannie Mae and Freddie Mac. FHA: NO WAIT if no lates prior to short sale 1 yr. if acceptable hardship

Did Bill Dallas shutter most of NewLeaf Wholesale?. Did Fannie Mae run afoul of California’s short sale laws?. FHFA head says Fannie Mae and Freddie Mac can be released without Congressional.

Mnuchin Dims Investor Hopes on Fannie Mae and Freddie Mac Here is a sample transaction. Bank of America approved a short sale in early 2012 and sent the package to Fannie Mae for review. Fannie Mae then rejected the short sale because the seller was still making the mortgage payment. So, the following month, the seller decided to not make a payment. Sixty days later, Fannie Mae approved the short sale.

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Fannie Mae and its servicers maybe broke the law in California when collecting contributions from borrowers on short sales, the office of the inspector general for the Federal Housing Finance.

Fannie Mae changed their short sale rules for conventional financing on August 16th. Until recently, buyers with a short sale and a 20% down payment were allowed to repurchase a home with conventional financing after only 2 years, but now Fannie Mae increased this to 4 years regardless of the size of the down payment.

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http://www.shortsaleandloanmod.info Yuba City Short Sale Agent and Default Advocate Mike Rigley discusses A Recent Nation Star / Fannie Mae Short Sale So her.