A Message for Freddie

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What in the Sam Hill did he just say? How about you start by telling the truth about what happened here. Perhaps you could then acknowledge how unregulated markets and inconceivably unsupervised and greedy sociopaths misused their positions, lied to investors around the world, and bankrupted our financial institutions, while lining their own pockets. Maybe wrap it up by telling folks about how your lobbyists pumped hundreds of millions, or perhaps billions into lobbying efforts in an effort to cover up your crimes and ineptitude so as to go forward without any accountability, as you lay the blame for the crisis on homeowners who you say, borrowed too much.

That would be good social policy, at least as far as the people of this country are concerned. Morgan Stanley strategically defaulted a couple of months back, and that was a loan for many hundreds of millions of dollars, or was it billions? The Mortgage Bankers Association did some walking away from mortgaged real estate this year too, right? Were you concerned about how Morgan was executing social policy, or criticize them for failing to consider externalities? When strategic defaults occur, homes go into foreclosure and sit vacant for some period of time. We know from experience that foreclosures and vacancies drive down the property values of everyone else in the neighborhood.

Thus, strategic defaulters, in effect, deplete the personal wealth of their neighbors. Get a critical mass of strategic defaults, and broader communities and regions become affected. Indeed, Economy. Even more families harmed. Bisenius, are you seriously blaming this on the homeowners who are losing homes to foreclosure?

Do you also blame the businesses that file for bankruptcy? And the brokers, right?

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Why not? The strategic defaulters deplete the personal wealth of their neighbors?

No they do not. What is wrong with you? If you and your bankster buddies were so damn concerned about driving down property values, much less depleting the wealth of homeowners, quite a few things come to mind that you might have done to-date. You could push lenders and servicers, for example, to modify a few more loans, and by modify I mean the kind where the payments actually go down more then 3.

Late last year, the Obama administration pledged unlimited backing. Yes, Donald… you guys over at Freddie are clearly doing crackerjack work. Thanks for that. Should strategic defaults become more common, mortgage guarantors and investors, including Freddie Mac, would need to factor this risk more prominently into their credit policies and prices.

The likely impact on future homebuyers: the cost of a mortgage will go up and credit terms will be less flexible. Thus, the impact of strategic defaulters on still more families might be more expensive mortgages and loans that are more difficult to obtain. Ahhh, there it is! Are you threatening us, Mr. Or, are you trying to divide people against each other? Trying to make it so I get mad at someone who strategically defaults for causing my costs to go up in the future.

Is that your game, you insolent prick? Let me ask you a question. If I get foreclosed on, you guys get the house back and then you sell it at whatever the market price brings, right? And so, if I strategically default what happens? Same thing, or do you sell it for less than market because it was strategically defaulted on?

And what about if you ever granted a reduction in the principal amount owed? Hmmm… market price, market price, or market price? But wait… you say. Jennifer Jozity is the assistant vice president of operations, overseeing inspections, REO and property preservation for Safeguard. Jen has demonstrated the ability to deliver consistent results in order audit and order management. She will build upon these strengths in order to deliver this level of excellence in both REO and property preservation operations. Jennifer Anspach is the assistant vice president of finance for Safeguard.

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Freddie Mercury

She manages recruitment strategies, employee relations, training, personnel policies, retention, payroll and benefits programs. Additionally, Jennifer has oversight of the accounts receivable and loss functions formerly within the accounting department. Jennifer joined the company in April as a manager of accounting and finance and a year later was promoted to director. She was named AVP of human capital in Prior to joining Safeguard, she held several management positions at OfficeMax and InkStop in both operations and finance.

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Jennifer is a graduate of Youngstown State University. Rick Moran is the assistant vice president of application architecture for Safeguard. Rick is responsible for evolving the Safeguard IT systems. Rick has been with Safeguard since Prior to joining Safeguard, Rick was director of enterprise architecture at Revol Wireless, a privately held CDMA Wireless provider in Ohio and Indiana, and operated his own consulting firm providing services to the manufacturing, telecommunications, and energy sectors. Steve Machovina is the assistant vice president of technology infrastructure and cloud services for Safeguard.

He manages all technology engineering staff who support data centers, telecommunications, network, servers, storage, service monitoring, and disaster recovery. Prior to joining Safeguard, Steve was vice president of information technology at Revol Wireless, a privately held wireless provider in Ohio and Indiana. Jason Heckman is the assistant vice president of mobile and analytics for Safeguard.

He also oversees the development and delivery of operational and analytical data technologies throughout the organization. Jason joined Safeguard as manager of mobile in In , he was promoted to director of mobile applications and named assistant vice president in Prior to joining Safeguard, Jason was the director of application development and business intelligence for Revol Wireless, a privately held wireless provider in Ohio and Indiana. He is responsible for developing innovative growth strategies for Safeguard and developing and overseeing potential partnerships, mergers and acquisitions.

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Tim joined Safeguard in as project director and has filled numerous roles within Vendor Management, most recently serving as director of vendor management, a role he assumed in Skip to content. A Message From Dave Lowman, Executive Vice President, Single-Family Business I want you — as a Freddie Mac customer — to have confidence in our commitment to give you the high-quality service you expect, the day-to-day support you need, and the respect our valued business partners deserve. I even imagine that perhaps one day… Freddie Mac will be profitable again? But when, Don… when?

In the ballpark? Let me get this straight, the bankers of this country destroyed the financial markets for their own personal gain resulting in the most severe economic meltdown since the last time the bankers of this country destroyed the financial markets for their own personal gain, about 70 years back. This is not a market correction, Don. Homeowners at risk of foreclosure today are not where they are because they made irresponsible decisions.

Bisenius, you speak of how a homeowner, acting in his or her own best financial interests, is actually harming our society when walking away from a mortgage. You accuse those that decide to walk away, of harming others in their neighborhoods by their thoughtless and selfish acts. You want them to give more consideration to how their behaviors impact the lives of those around them, and society as a whole. And tragically, those are the same type of behaviors that our bankers failed to deliver to the detriment of all. It is specifically the complete absence of those traits and behaviors that caused our economic downfall, one that will continue to cause acute pain for many millions of Americans, to say nothing of people around the world, certainly for years, and perhaps decades to come.

You and people like you broke it, Mr. Bisenius, and you own it.

How dare you, of all people, even have a personal opinion on optimal social policy, let alone feel you have the right, in your official capacity, to share such a view publicly. Moreover, Mr. Bisenius, how dare you insult every homeowner in this country including me, by asking from us what you and your peers have never been willing to give to this country? You want people to not be selfish, to not act in their own financial interests?

You want them to put the good of our society above their own financial gain? Well, perhaps you should try talking into the mirror, sir. Every single day now we see more of who you and others in the banking industry really are, and what you have done… you are naked before us. Your silence on that particular subject was then, and is now deafening. Freddie Mac is a leader in developing and promoting responsible lending practices and we are a leader in combating mortgage fraud.

And, we have a comprehensive quality control program that helps Freddie Mac and lenders combat fraud associated with mortgage lending. Our policies, procedures and programs are designed to help Freddie Mac and others in the mortgage finance system better detect fraudulent and suspicious activities. We are committed to working with participants in the mortgage finance system to help prevent fraudulent activities and to help more families realize the full benefits of long-term homeownership. Our public education campaigns help potential borrowers better understand the mortgage lending process.

Bisenius, I read your entire testimony in front of Congress back in , and I am unable to discern with any certainty which of your statements were lies and which subsequently became lies as a result of incompetence.

Freddie Mercury

You owe homeowners in this country an apology, sir. And an explanation… why would we listen you now? And that is why our broader social and policy interests will be best served by discouraging strategic defaults. This post was written by Mandelman on Wednesday, May 12, , Mandelman has written posts on this blog. Listen to Podcasts. When you need intelligent help with a mortgage, you can contact the Mortgage Intelligence Team at Shore Capital.

We can analyze your situation and get you answers that you can depend on.