US orders 90-day suspension of FHA foreclosures in disaster areas

WASHINGTON Mon Nov 5, 2012 3:40pm EST

WASHINGTON Nov 5 (Reuters) - One of the U.S. government's largest mortgage aid programs will suspend foreclosures for 90 days in areas affected by megastorm Sandy, U.S. Housing and Urban Development Secretary Shaun Donovan said on Monday.

"I directed all FHA (Federal Housing Administration) lenders to impose a moratorium on any foreclosures for 90 days in disaster-affected areas. We don't want families to be victimized twice, once by the storm, and once by a forecloses," Donovan told reporters on a conference call.

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Comments (1)
CharlesReed wrote:
So understand this crime of 800,000 modification not being process, is directed out of Ginnie Mae in the same way the as HUD just put a halt to any foreclosure of Sandy victims, is because Ginnie Mae is in physical possession of the blank Notes all lenders participating in the Ginnie Mae Mortgage Backed Securities (MBS) program.

FHA is only a program and not a lender and does not purchase this debt and can only instruct the activity of these loans if they are the “holder in due course” which they can never be because they are not authorize to purchase the debt as they are not a home mortgage lender.

Secretary Donovan in a political move the eve of the election come out and said not to foreclose on these homes for 90 day, however if this was a lender’s loan, what the government wants has nothing to do why my investment as to when I terminate a bad debt.

However the real deal is the governments has got themselves into a pickle of deception where because the blank endorse Notes are used it separate Note, debt & title so that the loan are not seized in the event the lender go bankrupt as with a Washington Mutual Bank.

HUD how do you tell private money that they cannot collect on there private debt? Who owns the loans? This Ponzi scheme is coming to and end, but good job keeping it secret until the election!

Nov 05, 2012 9:24pm EST  --  Report as abuse
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