Disgruntled alien attempts to wipe out the U.S. home mortgage system–sounds like a line from Men in Black, to me. But, it’s true. The WSJ reported that a 35 year old Indian-National here on a work visa planted a virus in Fanie Mae’s computers. The virus was set to go off yesterday and destroy all of Fannie’s data, lodged on some 4,000 servers.
The alleged culprit, Rajendrasinh Makwana got fired by Fannie, and apparently thought it was better to get even than get ahead. Mr. Makwana was indicted by a Federal Grand Jury, but has plead innocent. What happened to being grateful to America as the land of opportunity?
The virus was caught in time, and it’s business as usual. Good thing–otherwise it might have been tough to get a loan.
Fannie Mae Headquarters in DC. Photo by NCinDC.
The WSJ reported today that if you’re a tenant living in a house that’s mortgage is foreclosed upon, you might be able to stay. It’ll all depend on who ended up with the property. Beginning January 9, 2009 Fannie Mae will allow tenants to sign leases for foreclosed upon houses in which they live. While this is a good idea, it affects a small number of people nationwide, perhaps 4,000.
Other owners of foreclosed upon houses, such as publicly traded banks, may indeed vacate the premise to aide in selling it. Rising tides raise all ships, and an improved national economy should decrease the foreclosure rate, which is at record highs of some 1 in 20 mortgages. So, things will probably get worse before they get better.