I have just learned about a very serious legal breach and threat to our California real estate industry. After you’ve read this, tell me and tell our government what you think!
Did you know that Freddie Mac now refuses to sell an REO property to any buyer in California unless that buyer only accepts a First American Title-produced Natural Hazards Disclosure report? No one else’s NHD report will be permitted. Can you believe that?
Tell President Obama and Governor Schwarzenegger to NOT let Freddie Mac shut down an entire industry!
Here’s the scoop - Freddie Mac and First American Natural Hazard Disclosures (FANHD) have made an exclusive agreement cutting out every other NHD company (Can you say anti-trust?) for all Freddie Mac California real estate-owned (REO) properties. Under this exclusive arrangement, Freddie Mac requires all buyers of REO properties to agree to the sole use of FANHD natural hazard disclosure (NHD) reports.
This deal was done, I believe, without even the public posting of a public request for proposal –- a standard by every government agency.
Why should you care? In California the ONLY protection an REO buyer has is the NHD –- no other disclosure is offered. And who certified First American Title’s report as the best NHD money can buy? Nobody, that’s who.
It’s time to raise your voice and question this highly questionable and all too insider friendly relationship!
And don’t just tell the folks at Freddie Mac and First American Title’s FANHD you don’t like insider double dealing – tell our elected officials and their staffs in Sacramento and Washington DC to do what is right -- to stop these “privileged” arrangements, to support “timely” competition and the way of America life before it is taken away from all of us.
The quest is not only to create jobs, but also to preserve them!
cc. Secretary of HUD
FHFA
GAO
Governor Arnold Schwarzenegger
Senator Feinstein
Senator Boxer
President Obama
Monday, July 27, 2009
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