The Washington Times reported in “Fannie, Freddie leave $4.6 billion in collectible foreclosures,” that, according to a federal investigator:
“Fannie Mae and Freddie Mac, the two mortgage finance giants whose financial woes required massive taxpayer bailouts in recent years, could be missing out on as much as $4.6 billion in payments from foreclosed mortgages in their portfolios . . . .
“Freddie Mac alone has not dealt with about 58,000 foreclosures on single-family homes, letting the borrowers go into default instead of paying back the loans . . . . many of those in default are not disenfranchised families down on their luck. Instead, they have the financial capability to pay back their loans.
“Freddie Mac eliminated any possibility of recovery when it did not refer foreclosed mortgages for evaluation of collectibility,”. . . . Disorganization cost the mortgage company 6,000 potential foreclosures because the statute of limitations expired.