How is it legal for banks to sell mortgages to fannie or freddie without an assignment of mortgage or without telling the actual homeowner. Shouldn't the borrower know who they are paying? Plus, why would banks like Chase for example need to use this option when they are worth 14 billion plus? They could practically give everyone a loan! How is this legal in terms of foreclosure if say JP Morgan Chase says the homeowner hasn't paid. Ok fine but, don't they no longer own the note if fannie or freddie does. How is this legal?
Read more: How is it legal for Freddie Mac and Fannie Mae to operate?
