In 2011 the two government sponsored enterprises (GSEs) pursued deficiencies following foreclosures in the amount of $2.1 billion but collected only 4.7 million from defaulted borrowers.     

Many of these deficiencies are uncollectible because the borrowers lack any financial resources to collect against, but some borrowers may now or in the future have the ability to repay such as owners of investment properties or vacation homes or borrowers who defaulted strategically rather than continue payments on properties worth less than the mortgage balance.  These are the borrowers that the GSEs have targeted for collection...