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With a 0.22% Recovery Rate, OIG Recommends Tighter Oversight of GSE Deficiency Collections
Inrn2011 the two government sponsored enterprises (GSEs) pursued deficienciesrnfollowing foreclosures in the amount of $2.1 billion but collected only 4.7rnmillion from defaulted borrowers. </p
Manyrnof these deficiencies are uncollectible because the borrowers lack anyrnfinancial resources to collect against, but some borrowers may now or in thernfuture have the ability to repay such as owners of investment properties orrnvacation homes or borrowers who defaulted strategically rather than continuernpayments on properties worth less than the mortgage balance. These are the borrowers that the GSEs haverntargeted for collection…
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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