RE-INSIDER UNCOVERS FREDDIE MAC SUPPORTING OFF-SHORING OF AMERICAN JOBS

Los Angeles, CA - March 8, 2010 - (RealEstateRama) — RE-INSIDER.com, the site dedicated to tracking abuses in the California real estate industry, has determined that new activities by tax-payer supported, Freddie Mac, are not aligned with President Obama’s current US jobs program as declared in his January 2010 State of the Union Address, to help keep the American worker employed.

Based on a review of news releases, and industry phone interviews conducted by RE Insider in 2009, tax-payer supported Freddie Mac has made First American its “de facto” primary vendor for its California residential real estate settlement services transactions.

According to First American’s own website, the company off-shores to their sister company First Indian Corporation primary areas of focus including title insurance, property tax, flood certification, default management services, and credit and property information. These are among the services that Freddie Mac has engaged First American to conduct on its behalf.

“At a time when our country is desperate for lack of jobs, when our President in his State of the Union calls for a new jobs program, how, I ask, is it possible that our government is continuing support companies and programs that outsource critical jobs to India?,” asked RE-INSIDER publisher Serena Ehrlich.

In 2008 the US government stepped in and bailed out Freddie Mac in an effort to save the mortgage industry – jobs and all.

“So why, I ask, would this government-owned company, Freddie Mac, align themselves with a partner who continuously sends these jobs off-shore, away from the American worker? Why haven’t they found a partner who provides both the quality information needed as well as support American-based jobs?” added Ehrlich. For more information, please visit: http://www.re-insider.com/

About RE Insider
RE Insider is a discussion center for the Real Estate Settlement Procedures Act.

RESPA The Act prohibits kickbacks between lenders and third-party settlement service agents in the real estate settlement process (Section 8 of RESPA).

RESPA requires lenders to provide a good faith estimate for all the approximate costs of a particular loan and finally a HUD-1 (for purchase real estate loans) or a HUD-1A (for refinances of real estate loans) at the closing of the real estate loan.

The final HUD-1 or HUD-1A allows the borrower to know specifically the costs of the loan and to whom the fees are being allotted.

Tagged as: first american, Freddie Mac, real estate

 

 

 

 

 

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USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association