THE ADMISSION FANNIE MAE DOESN’T WANT YOU TO SEE

In researching my own lawsuit against Fannie Mae,  I ran across this stunning statement on a publicly-available Fannie Mae website (otherwise I wouldn’t have found it):

“The mortgages that back a Fannie Mae MBS are held in a trust on behalf of Fannie Mae MBS investors and are not Fannie Mae assets.”

I used it in my own lawsuit (to no avail, unfortunately) because Fannie Mae had claimed to be all of the following: the owner, holder, and investor of my note.  Yet here was an admission from Fannie itself, in plain language, that the “mortgages” (i.e., the promissory notes) are NOT Fannie Mae assets, which of course negates Fannie’s claim to be an owner, holder, or investor of ANYTHING.

By the time I wrote the post “FANNIE MAE, BY ITS OWN ADMISSION, OWNS NOTHING,” I was only able to find the admission in a PDF, again on a publicly-available Fannie website.  The link where I had first found the admission was dead, non-existent.  So I cut and pasted the statement from the Fannie PDF back in July 2013 when I wrote the post.

That post generated new interest in the past couple of days, and a reader named P Nach commented that the “not assets” admission was nowhere to be found in the link I used.  I checked it out, and sure enough, she was right!  In fact when I Googled “The mortgages that back a Fannie Mae MBS are held in a trust on behalf of Fannie Mae MBS investors and are not Fannie Mae assets” (in quotes), almost all I got were links to my own blog!   Apparently, this admission has been all but erased from the Internet!

Fortunately, in 2011, I printed out the admission from the Fannie website where I originally found it, then scanned that printout.  So below is the document containing the “not assets” admission that Fannie Mae would apparently not like anyone to see:

Fannie Website states notes not Fannie assets

So download this, print it out, pass it on.  And if we aren’t already, let’s all get in the habit of making screenshots of stuff like this, and/or downloading and printing them.  Shelley Erickson commented that she had also noticed documents being deleted.

About eggsistense

Writer, musician, cartoonist, human being
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13 Responses to THE ADMISSION FANNIE MAE DOESN’T WANT YOU TO SEE

  1. eggsistense says:

    The admission can also be found at this Scribd link:

  2. LOL says:

    My friend, you do realize that Fannie Mae securitizes loans for a living, yes? Thi is what the term ‘MBS’ is referring to, “Mortgage Backed Securities.” Of course they would admit to not owning the mortgages, LOL—>The banks own the loans. Thats why we are seeing all these lawsuits filed by FHFA on behalf of fannie and freddie against THE BANKS. Fannie and Freddie were forced to take on these bad loans….Fannie Mae? Victim of the banksters, brother. Carry on.

    • eggsistense says:

      LOL,
      I think the Federal Reserve/U.S. Gov’t owns the loans because of the conservatorship of Fannie/Freddie and because of QE. Even if the banks were the ones that really own the loans, that’s NOT what they say in court. They say that Fannie or Freddie owns the loans. They get affidavits to that effect.

      Having said that, though, I do think that the notes were not transferred to Fannie/Freddie and were never actually negotiated by transfer and endorsement. That much was made clear (at least in the case of Countrywide) in Kemp v. Countrywide. I realize those two things are contradictory, yet arguments can be made for both…

      • LOL says:

        Negative ghostrider. Under conservatorship agreement, Gov owns warrants to purchase common shares of fannie mae stock, no loans. Fannie mae owns pools of loans in the form of MBS—they guarantee these loans so investors will be them, thus providing liquidity to US Housing market–problem was, the banks sold these HORRID loans to peope and then sold them to Fannie and Freddie. Then, these sh*t loans starting adjusting, people couldnt pay their mortgage b/c of this, and there ya go. There are more than 18 some odd settlements agajnst the banks for what they did to hardeorking Americans.

  3. eggsistense says:

    The Treasury also got preferred stock as well as common stock, making the Treasury/gov’t at least part owners of Fannie/Freddie, meaning that what Fannie/Freddie owns, the USG also owns. And the unlimited coverage of Fannie/Freddie losses from 09-12 was for the purpose of paying for bad mortgages.

    Also, under the conservatorship agreement, FHFA “assume[d] the power of the Board and management.” That means the government IS Fannie/Freddie and vice versa. Further, Treasury DID buy GSE MBS, meaning that USG does (and/or did) own Fannie/Freddie MBS: http://www.sourcewatch.org/index.php/Treasury_GSE_mortgage-Backed_Securities_Purchase_Program

  4. This letter is in final response to your Freedom of Information Act (FOIA) request, dated September 26, 2013. Your request was received in the FOIA/Privacy Act (PA) office on September 26, 2013 and assigned the Federal Housing Finance Agency (FHFA) FOIA and PA request number 2013-FOIA-125. Please refer to this number in any correspondence concerning your request.

    You requested the following:

    “a copy of the digital Wells Fargo wet blue ink note with the fake address of 4293 Hillendale Road, Bangor, PA with my husband’s signature on it submitted to Fannie Mae in 2005. Husband died in 1998. as per FHFA.OIG guidelines”

    Your request was processed in accordance with the FOIA (5 U.S.C. § 552) and the FHFA’s FOIA regulation (12 CFR Part 1202) as well as the Privacy Act (5 U.S.C. § 552a) and the FHFA’s Privacy Act regulation (12 CFR Part 1204).

    While it is true that FHFA is the regulator and conservator of Freddie Mac, Fannie Mae and the Federal Home Loan Banks (“the Enterprises”), under the FOIA, only “agency records” are subject to disclose. The FOIA defines “agency records” as records that are (1) either created or obtained by an agency, and (2) under agency control at the time of the FOIA request. FHFA does not maintain among its records the type of individual loan information that you request, and therefore does not have any records responsive to request.

    Please note that the purpose of the FOIA is to open the actions of government agencies to public scrutiny, not to reveal the inner workings of private entities. The FHFA’s temporary role as conservator of the Enterprises does not transform its company records into “agency records” subject to the FOIA. Further, FHFA has no duty under the FOIA to search for or request production of documents in Enterprises possession. Nor does the FOIA require the Enterprises to search for responsive information.

    Under the Privacy Act, you are entitled to information that FHFA maintains in a “system of records”, which the Act defines as a group of agency-controlled records from which information is retrieved by a unique identifier. The FHFA does not maintain the requested information in a “system of records,” and therefore does not have records responsive to your request.

    Also, please note that the Federal Housing Finance Agency’s Office of Inspector General’s files were also searched. They have informed this office that no documents were found responsive to your request.

    You may find useful information on FHFA’s website on the “Frequently Asked Questions” webpage located at http://www.fhfa.gov/Default.aspx?Page=316.

    If you wish to appeal any aspect of FHFA’s decision, you must forward within 30 days:

    •A copy of your initial request;
    •A copy of this letter; and
    •A statement of the circumstances, reasons, or arguments for seeking disclosure of the affected record(s).

    The appeal must be sent either electronically to FOIA@fhfa.gov, or mailed to the “FOIA Appeals Officer” at the above address. The e-mail subject line, or the envelope and the letter of appeal, must be clearly marked “FOIA Appeal.” Please note that all mail sent to the FHFA via the United States Postal Service is routed through a national irradiation facility, a process that may delay delivery by approximately two weeks. For any time-sensitive correspondence, please plan accordingly.

    Your FOIA request is releasable to the public under subsequent FOIA requests. In responding to these requests, FHFA does not release personal information, such as home or email addresses and home or mobile telephone numbers which are protected from disclosure under FOIA Exemption 6 (5 U.S.C. § 552(b)(6)).

    If you have any questions regarding the processing of your request, please contact us at FOIA@fhfa.gov.

    Sincerely,

    Stacy J. Easter
    Freedom of Information Act/Privacy Officer
    Federal Housing Finance Agency
    Office of General Counsel
    400 7th Street, SW | Washington, DC 20024
    Office: 202-649-3067|Cell: 202-604-1024|Fax: 202-649-4067

  5. JL1965 says:

    I found a multi-family version that still contains that same sentence here (second to last paragraph on page 9):
    http://www.fanniemae.com/resources/file/mbs/pdf/basics-mf-mbs.pdf

  6. eggsistense says:

    JL1965,
    Good find! How did you come across it? When I Googled “The mortgages that back…” in quotes, all I got were links to this blog, a Buffalo real estate blog that had a bunch of gibberish, and the Scribd link above. I didn’t try any other search engines.

    • JL1965 says:

      I excluded libertyroadmedia from the search, by putting a minus sign in front of it. I used Google/Firefox. This was my exact search:
      “not Fannie Mae assets” -libertyroadmedia

  7. eggsistense says:

    Wow, you are a savvy searcher! And just one hit on any official Fannie Mae site. It’d be interesting to see how long that sentence remains in that document. I’ll have to have a look at the Nye Lavalle link that comes up.

    • JL1965 says:

      Thanks! Along with playing with computers for over 2 decades, and fighting my own case with a Fannie loan, I’ve had to become rather creative in my searches. (The good news is that so far, I’ve won!)

  8. Pingback: FANNIE DOESN’T OWN $#!+–COURTS DON’T CARE | LIBERTY ROAD MEDIA

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