Probably not! The new slash and burn policy adopted by Fannie Mae is the genesis of the identical mentality which almost collapsed the entire US Economy! Here is a classic case-in-point where an originally government funded mandate has become such a burdensome albatross, that it will permanently cripple the US Property Preservation Sector. Instead of the clowns whom put us in the mess we are in taking a hit, they are busy fiddling with their Golden Parachutes while the Contractors take a hit! How long will this continue until Contractors wise up and tell these outfits to screw off and contact their Legislatures and local media outlets?!
Before a bunch of Nationals come running to their rescue, let’s remember that this SAME FREAKING BLACK HOLE JUST PAID $1.5 BILLION DOLLARS to Banks so they can fire Fannie Mae back in September, 2012!!!!! So, spare me the drivel about we all need to suck it up! How about a few of you sucking it up for a change! How about tossing a few of the $1.5 BILLION to a Contractor to winterize?! Make no mistake, the files run deep on Fannie Mae and ALL WHOM HAVE DONE BUSINESS WITH THEM!!! Let’s also remember that Fannie Mae has received about $116 BILLION dollars of tax payer money since 2008 and they want Contractors to suck it up?!!!
Look, In December, 2011, six Fannie Mae and Freddie Mac executives including Daniel Mudd were charged by the U.S. Securities and Exchange Commission with securities fraud. “The SEC alleges they ‘knew and approved of’ misleading statements claiming the companies had minimal exposure to subprime loans at the height of home mortgage bubble.” Former Freddie chief financial officer Anthony “Buddy” Piszel, who in February, 2011, was CFO of CoreLogic, “had received a notice from the SEC that the agency was considering taking action against him”. He then resigned from CoreLogic. Piszel was not among the executives charged in December, 2011. Piszel had been succeeded at Freddie by David Kellermann. Kellermann committed suicide during his tenure at Freddie.
The SEC said Mudd’s misconduct included knowingly giving false testimony to Congress. Mudd said last week that the government approved Fannie Mae’s disclosures during his tenure. “Now it appears that the government has negotiated a deal to hold the government, and government-appointed executives who have signed the same disclosures since my departure, blameless — so that it can sue individuals it fired years ago,” he said in a statement last week. (Hilzenrath, David S., “Former Fannie Mae CEO Mudd takes leave from hedge fund firm”, Washington Post, December 21, 2011. Retrieved 2011-12-21.)
You can view the New Fannie Mae Property Preservation Pricing Matrix in our Industry Insider Section! Also, stay tuned over the Holidays as we kick off our Year End Industry Round Up!