Fannie and Freddie are the equivalent of black holes in physics. Representations abound that they own a loan, or note, or mortgage or debt. What this testimony shows is that there are specific discovery items to request and compel wherein the the truth of the matter and the truth about the parties will be revealed.
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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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see: Statement of Donald Bisenius US Senate FM_statement_SBC_foreclosure_hearing_12_1_10
see: Statement of Terry Edwards/Fannie Mae US Senate Banking testimony 12/2o10
If anyone made a representation that Fannie or Freddie is the “investor” or that one of them owns the loan, then there are specific documents that should be produced that will show the nature of the transaction.
Each one of them should be noticed for production or subpoenaed. First you may need to propound discovery to the foreclosing party to identify the custodian.
Or, you can directly subpoena the Government Sponsored Entity (now in conservatorship) to produce the documentation.
In addition to agreements, you probably should ask for any record of financial transactions in which the GSE was involved with respect to the subject loan.
Statement of Donald Bisenius, Freddie Mac Senate Banking Committee December 1, 2010
Document custody
Concerns have been raised about the custody of mortgage notes and other documents. When a mortgage is sold to Freddie Mac, the seller must deliver the original note for each mortgage loan, together with any power of attorney or modifying instrument (such as a modification agreement, conversion agreement, assumption of liability or release of liability agreement), to a document custodian, which holds the documents in trust for Freddie Mac. Currently, Freddie Mac uses approximately 125 document custodians, with much of the volume concentrated in a relatively small number of large companies.
Our Guide sets forth eligibility standards and various other requirements for document custodians. Each document custodian enters into a tri-party custodial agreement with Freddie Mac and the servicer that is servicing a mortgage for which the custodian holds note files. Each document custodian files an annual certification report to Freddie Mac, and is required to notify Freddie Mac between reports of any significant personnel, operational or financial changes. Freddie Mac also conducts periodic on-site reviews of document custodial operations.
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