Fannie’s “Decoy Assignment” a NEW Foreclosure Defense – A Mandelman Matters Podcast with Atty. Tom Cox
Portland Maine legal aid attorney Tom Cox came out of retirement to help homeowners facing foreclosure, stop foreclosure and get loans modified. Â His many years of experience as a banking lawyer made him confident that he could help homeowners. Â He has been in the trenches, representing homeowners since the early days of the crisis and has seen it all. Â He is the lawyer that deposed GMAC’s Jeffrey Stephan in 2010, thus uncovering the practice that would come to be known as “robo-signing.”Â
The more difficult it became, the more dedicated he became, getting involved with his state legislature. At the federal level too. Â Attending Max Gardner’s Boot Camp for foreclosure defense attorneys. Â That’s where I met him… we went through Boot Camp together on Max’s ranch in Western North Carolina. Â We got along right from the start and have become good friends over the last two years.
Tom has recently discovered a practice employed by the GSE’s… Fannie and Freddie. Â It has to do with what we’re calling “The Decoy Assignment,” Â and it’s a matter of policy. Â He’s arguing Â it successfully in court. Â Stopping foreclosures.
It’s not an approach available to most, but it is one available to many. Â To find out whether it applies to your loan, you make sure it’s a Fannie or Freddie loan, and you check the recorded assignments from the originator of the loan to the servicer. Â But, I’ll let Tom explain it.
Oh, and here is a link to Fannie Mae’s 1178-page servicing guidelines. Â You’ll want it after you hear the podcast.
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