Freddie Mac & Fannie Mae Debacle

Articles presented recently give rise to a deceptive method (although not illegal) being perpetrated by the two leading Mortgage Companies Freddie Mac & Fannie Mae.

One particular article written by an author in Arizona includes this," Fannie Mae’s and Freddie Mac’s policy is ultra cheap for their own bottom line, but outrageously expensive for the American public who now become victims of crime and must absorb the costs associated with increased crime rates. Insurance claims have soared, forcing inflated premiums for average policy holders. Police departments must respond to more calls-- a critical challenge considering budgets have been severely cut due to the economic downturn. And all this because two mortgage giants chose simplicity for themselves over safety for the consumers they serve."

Apparently Freddie Mac and Fannie Mae have been paying the locksmiths and handymen across the country to rekey foreclosed properties, but to the same keys exactly. The initiative is in effort to reduce the cost to the mortgage houses for granting access by their teams of tradespeople.

It is well known throughout the professional locksmith world that keying alike properties of separate addresses, whilst generally unknown to the end user, substantially reduces the security of a property, to the point of allowing access to people of ill intent.

Properties owned by the two leading mortgage houses have seen unprecedented levels of criminal damage and theft, often after foreclosure, with most blame being inferred upon the previous homeowner or tennant, when more likely it is due to thieves and burglars having access to the same key that the tradespeople use to access these properties.

Items like copper piping, fixed cabinetry, lighting fixtures etc, are being removed and sold on the black market. The causation to the next owner of the house is substantial increased costs in not only fixtures, but also increased insurance premiums.

In a poor economy, any added increase in costs to the consumer, fundamentally decreases the consumers ability to spend to improve the economy. The new Obama Administration is making accountability a forefront policy. It is time that the large federally backed companies also become accountable.

The reason for getting your locks changed is further heightened, with this knowledge. Not only with Freddie Mac & Fannie Mae properties but all properties, even new constructions, because how many keys do you really know are in circulation for your home or office?

Master key systems and key control systems need to have professional locksmith attention to maintain the security and safety of the consumer.

Change Locks Now! (for your peace of mind and your family safety)

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