‘Strategic defaulters, beware. The feds are coming for you. And they are not happy.
Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a “strategic defaulter” who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it’s time to start looking over your shoulder.
Heath Wolfe, assistant inspector general for audits at the OIG, figures that these mortgage scofflaws owe more than $1 billion to Fannie and Freddie. It’s not a lot, perhaps, in the greater of things. But Wolfe’s mission is to get back as much of it as he possibly can.’