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Former Fannie Mae REO Foreclosure Specialist indicted for Accepting Bribes

Given the recent market volatility, the accusation against former Fannie Mae REO Foreclosure Specialist, Shirene Hernandez, is no longer a leading story. But Homeowners losing their homes to foreclosure can’t overlook this issue. Banks have been accused of mortgage fraud, robo-signing, foreclosure fraud and more. When have you heard charges against Fannie Mae (FNMA)? Now a Former Fannie Mae (FNMA) employee, who worked for a government backed enterprise allegedly profited from bribes that facilitated foreclosure sales for less than market value. The realtor profited from the commissions, Hernandez profited from the bribes, but Fannie Mae realized less money to satisfy the debt and homeowners could be evicted sooner, since the purchase would have been sped up by the collusion.

According to the Department of justice, one of the properties is alleged to have been purchased by Hernandez under an “alter ego”. Per the indictment, Hernandez is enjoying rent proceeds on that investment property.

The indictment alleges that Hernandez received profits of more than $1 million from the scheme. The trial, is scheduled to begin March 20. If Hernandez is convicted of the two charges in the indictment, she would face a maximum 20-year federal prison sentence on each count.

How can you protect your home from Fannie Mae rogue employees?

The case is being investigated by the Federal Housing Finance Agency, Office of Inspector General (FHFA-OIG). Agents continue to investigate this case and other allegation of bribes accepted by other Fannie Mae (FNMA) employees. If you believe you have information relevant to this investigation, please contact FHFA-OIG Senior Special Agent James Shields at 202-730-4013.

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