Freddie Mac Comments on the Final Report and Recommendations on Residential Mortgage Foreclosure Cases Florida Supreme Court

Recommendation regarding verification of “ownership” of the mortgage

“The Task Force has recommended a requirement for a plaintiff in a foreclosure action to verify that it owns and holds the note. Typically, the plaintiff in a foreclosure action does not own the underlying note or loan that is secured by the property subject to the foreclosure proceeding. Freddie Mac’s servicers initiate foreclosure actions in their names, even though they are not the owners of the notes or loans in question, because they are the mortgagees as shown on the land records (by fraudulent, fabricated assignments) and they are the holders (not in due course) or otherwise in possession of the (fabricated) notes. During foreclosure proceedings, our servicers and foreclosure counsel have authority to negotiate and execute loan restructurings (against what the pooling and servicing agreements state) and other foreclosure alternatives (trial modifications that are ultimately denied) with borrowers as well as attend (pointless) mediation. To require investors who do not service the loan to be a party in the foreclosure action and attend mediation would be costly and unduly burdensome, which may result in additional costs being passed on to the borrower. The intended purpose of the mediation program could be achieved effectively without this verification requirement.”

Robert E. Bostrom
Freddie Mac
Executive Vice President
General Counsel & Corporate Secretary

“TYPICALLY……….The Plaintiff in a foreclosure action does not own the underlying note or loan………”


It IS Typical today!

You know what’s the biggest crack up?

Here we are struggling mightily to PROVE that the Plaintiff doesn’t own the mortgage or note in cases where the Plaintiff is forging documents to PROVE that they DO own the mortgage and note………………and la-de-da in waltzes Freddie Mac’s VP and bumbles his way into the most inane (and shockingly honest) comment in the world!


14 Responses to “Freddie Mac Comments on the Final Report and Recommendations on Residential Mortgage Foreclosure Cases Florida Supreme Court”
  1. Carol says:

    Freddie and Fannie operators along with those banksters who committed fraud must be FIRED immediately and jailed. Taken down with handcuffs! just like any criminal! They are the threat to society!

  2. Ron Moss says:

    Consumer protection is set up to protect contributors, In our case that means, Wells Fargo, Bank of America, etc but not for consumers of credit. They must go to jail as wew would if it were reversed whic is exactly what it should be , reversed, All MERS ordered Foreclosures should be reversed

  3. yvonne says:

    Am I misunderstanding what Fannie Mae i saying and doing? I am thinking from what I read that they are conspiring with the banksters…by not wanting them to show they have the original note? Making it easy for them to perpetuate the lies and frauds? Someone, kindly explain if I have misunderstood or not?

  4. Jan says:

    The biggest revelation (interesting that the word means “the revealing of the truth) today is that the banks are prohibited by their bank charter to lend their own money or the depositors money. So the big question is, where did they get the money to lend us in the first place? Then we go to the Federal Reserve’s manual- Modern Money Mechanics, that describes in detail that they “create money out of thin air”.. They can then multiply the amount lent 10 times and invest it at their leisure. Well gee, if that’s the case, then where is their “proof of loss”? These masters of the shell game have duped us all! If we are the ones that create the credit with our signatures, then we are really the creditors and the banks are the debtors. They deposit the money that was received from the note you sign in their bank (under your name), then turn around and “lend” it back to us. Then sell the payments to the investors in the securities pools. This money manipulation is all for the purpose of obtaining profits to the money masters – men who do nothing to earn it, they just create an entry on a computer screen. And the sheeple have to work to pay taxes to make up for the interest the money masters charge to “issue” our debt currency. When the masses wake up and “get it”, the only solution is like they did when Rome collapsed – forgive ALL the debt and start over. Only this time, we need to kick the crooks out of our country and start issuing our money INTEREST FREE, and eliminate all income and property tax! THEN will this country become truly free again.

    • h5mind says:

      I spoke to a senior official at Freddie Mac regarding the tremendous problems I was having getting my loan modified. He very candidly admitted, as did Mr. Bostrom in the above letter, that investors own these notes, not Freddie. But herein lies the rub: your loan was not delivered intact to one particular investor, but instead sliced up like pepperoni and scattered across multiple mortgage-backed securities. These ‘investment vehicles’ were then further disseminated to who-knows-where.

      Thanks to how MERS tracks the passing of title from one hand to another (or doesn’t track, depending on your viewpoint) It is now nearly impossible to identify exactly who are all the firms or investors with a securitized interest in your home. Even the investors themselves have little idea. If they do manage to follow the paper trail to those owning your mortgage, they then have to reconstitute the loan into a single modifiable entity with the permission of all affected investors. This is rarely, if ever, given.

      You can see now why although the banks talk a good game of modifying loans, their track record is abysmally poor thanks to this equitable interest debacle, even if they weren’t greedy, heartless bastards to boot.

      A bit of advice: you don’t get what your deserve, but what you negotiate for. We sold our last house to a couple who subsequently lost it when the economy tanked and Freddie denied their modification request. That property, with a $400K tax value and $365K loan balance, sold for $31k in March of this year– a 92% discount. Nice house, nice location, plenty of upgrades, etc. I would have bought it again had I known. I’m sure the previous owners would have as well. These are the sort of slimy deals Freddie is making to quietly unload the thousands of properties on their books. The point is, hold out for your own deal, and make it happen.

    • akismet-280a7d19e5830e457c059542903c3854 says:

      We have been reading about this foreclosure thing for over a year now. I have the conviction that the banking industry aided and abetted by the democrats (not the Republics) in Washington DC set the table for all of this. Those in the business of “flipping” acerbated the situation.

      So then if this is right and I think if we were to think objectively then our conclusion would be that this statement is correct.Then who or what group should pay the piper for this dance? Please don’t quote legalize doctrine! I’m talking right and wrong.

      I have been a state of Florida certified general contractor since the year 1973. I have been in this industry beginning in 1963 working a summer job as an electricians helper. My business and every other individual’s business in the industry has suffered a serious negative impact with this situation the likes of which I have never previously seen.

      general contractor FHA registered home inspections toll free 877-382-0811

  5. Michelle Leonard says:

    IS THIS FOR REAL! I am shocked that these comments where made. All I have to say is thank you Bostrom for all the info!!!!!

  6. Rob Harrington says:

    Bostrom, in the same breath, also acknowledges they have the right to foreclose because “they are the mortgagees on the land records…’

    So what if those records have been FRAUDULENTLY recorded in the county records with forgeries and by parties who are not actually real employee/officers of the foreclosing “holder of due course” entity? Would that invalidate Bostrom’s claims to the Chief Justice?

    Ouch! And the net seems to be closing in on the conspiracy….

    Are any expert foreclosure defense attorneys challenging and disputing the validity of this letter to the Honorable Chief Justice?

  7. zurenarrh says:

    Holy shit! Good, nay great, find! I like how Bostrom tries to portray stealing someone’s house as an act of benevolence, because getting the REAL owners involved would just be too expensive for the poor “borrower!”

    Not only does he acknowledge that servicers don’t own the Note/Mortgage, he openly acknowledges that THE INVESTORS ARE THE OWNERS. Granted, he backs into that acknowledgment, but nevertheless, that’s what he’s saying.

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