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Fannie Mae Strong-Arm Monitoring of Race

Discussion in 'Political Debate & Discussion' started by Ps104_33, Sep 30, 2008.

  1. Ps104_33

    Ps104_33 New Member

    Sep 3, 2001
    Likes Received:
    [FONT=times new roman,times][FONT=times new roman,times]On at least 3 separate occasions, I was contacted by a representative from Countrywide to "correct" the Government Monitoring" portion of my client's application after submitting the file for underwriting. The conversation went something like this:[/FONT]
    [/FONT][FONT=times new roman,times][/FONT]
    [FONT=times new roman,times][/FONT]
    [FONT=times new roman,times]CW Underwriter: I need your help on the "Smith" file. We need you to complete the Government Monitoring Section of the 1003.[/FONT]

    [FONT=times new roman,times]Broker: I did complete the Government Monitoring section. [/FONT]

    [FONT=times new roman,times]CW Underwriter: But you haven't filled in the borrower's Race or Ethnicity. [/FONT]

    [FONT=times new roman,times]Broker: If you notice, the Borrower checked the box indicating: "I do not wish to furnish this information." [/FONT]

    [FONT=times new roman,times]CW Underwriter: You also checked the box indicating that this interview was done face-to-face. [/FONT]

    [FONT=times new roman,times]Broker: So? [/FONT]

    [FONT=times new roman,times]CW Underwriter: So you saw him. Is he black? [/FONT]

    [FONT=times new roman,times]Broker: I don't understand. My client indicated his preference to keep this information to himself. [/FONT]

    [FONT=times new roman,times]CW Underwriter: Well, you saw him and you know his race and ethnicity. Our ability to fund our deals and source new money depends on doing a certain percentage of loans with black and minority clients. If you want this loan underwritten at Countrywide, you need to furnish this information: Is he black?[/FONT]