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THE FHFA IS A CONSERVATOR … NOT A RECEIVER, COURT RULES!

This case just goes to show that just because a particular judge usually rules against homeowners does not mean that they always will.

Clouded Titles Blog

(BREAKING NEWS, OP-ED) —

For those of you who might have missed this Memorandum and Order out of Rhode Island (whose courts typically favor the banks and their servicers), you may wish to read this 19-page ruling:

Sisti v FHFA et al, US D. R.I. No 17-005 (Aug 2, 2018)

The FHFA attempted to get a judgment on the pleadings, which the court denied!   While this isn’t much of a setback, it does make clear a few potential misconceptions about Fannie Mae, Freddie Mac, the FHFA, the FDIC and the mortgage loan servicers who deal with these entities:

THE BUCK STOPS WHERE?

(1) Following the subprime mortgage crisis, Congress passed the Housing and Economic Recovery Act, which created the FHFA (Federal Housing Finance Agency), giving it the power to supervise and regulate Fannie Mae and Freddie Mac (the government-sponsored entities, or GSEs). The FHFA pretty much has complete control…

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