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More on the Fannie 'Fab Five'

OCT 19, 2010 12:07pm ET
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As I noted over the weekend, there is a group of five Fannie Mae subservicers called the 'Fannie Fabulous Five' who serve as the GSE's 'go-to-guy' when Fannie doesn't like the way one of its customers is handling certain (shall we say) 'high touch product.'  One observer noted, it's actually in the best interest of the original seller/servicer to let the product go to a third-party vendor because this way it doesn't "taint" a firm's servicing performance rating. That's an interesting observation. Of course, it will be exciting to watch how all servicers perform over the next year as Fannie (and brother Freddie Mac) moves to liquidate its massive holdings of troubled loans. After all, it appears that there will be no national foreclosure moratorium…

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