Friday's Food for Thought: Pandora's Box - Skip to content

Friday’s Food for Thought: Pandora’s Box


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HUD’s now suing Wells Fargo & Fannie Mae for their foreclosing on reverse mortgage borrowers. Did HUD open Pandora’s box with their recent mortgagee letter? It seems the entire house of our industry is undergoing a remodel.


Editor in Chief:
As a prominent commentator and Editor in Chief at, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
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  1. HUD Mortgagee Letter 2008-38 has absolutely nothing to do with this case.

    This case is all about a servicer and note owner allegedly acting in bad faith. The underlying mortgage by its very terms allowed the borrower/heirs to pay the lesser of the balance due or 95% of appraised value at time of termination. There is no way under the sun that a Mortgagee Letter can overturn that provision. The respondents are accused of putting their interests above that of the plaintiff.

    • Good points. The servicer and note owners are the ones who made the decision to ultimately begin foreclosure but was HUDs mortgagee letter seen by the plaintiff’s attorneys as back-peddling? Hard to say. This case opens up a plethora of issues that need to be addressed.

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