Fannie Mae Is At ALL TIMES The Owner And Holder of The Mortgage Note….

Hat tip to Florida lawyer Matt Weidner. This has been nothing but a shellgame by the banks to go into the foreclosure business, profit business, rather than the modification business to help struggling homeowners. Here is the verbiage from the Fannie Mae bulletin in 2008:

 New Servicing Guide Section
Servicing Guide, Part I, Chapter 2, Section 202.06, Note Holder Status for Legal Proceedings Conducted in the Servicer’s Name

Fannie Mae is at all times the owner of the mortgage note, whether the note is in Fannie Mae’s portfolio or whether owned as trustee, for example, as trustee for an MBS trust. In addition, Fannie Mae at all times has possession of and is the holder of the mortgage note, except in the limited circumstances expressly described below. Fannie Mae may have direct possession of the note or a custodian may have custody of the note. If Fannie Mae possesses the note through a document custodian, the document custodian has custody of the note for Fannie Mae’s exclusive use and benefit.