Representatives from both Fannie Mae and Freddie Mac upheld the companies’ practice of assessing penalties against servicers who fail to meet defined timelines for processing foreclosures. Speaking at a mortgage banking conference in Dallas last week, GSE execs stressed that clearly the best outcome for both Fannie and Freddie is to keep the borrower in their home, but when that’s not possible, it’s critical that servicers complete the foreclosure process in a timely manner to clear bad loans from the pipeline.
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