Fannie and Freddie - pay us back!


By YesYNot   Follow   Mon, 19 Nov 2012, 12:24pm   442 views   4 comments
In Reston VA 20194   Watch (1)   Share   Quote   Permalink   Like   Dislike  

NYT had a quick history lesson and reminder that they owe 140 billion.
http://www.nytimes.com/2012/11/19/opinion/a-140-billion-iou.html

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  1. BobMSN


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    1   2:58pm Mon 19 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Getting the squatters out of the house they don’t deserve should be the first step. The tax payers have no obligation to provide rent-free houses to them.

  2. jvolstad


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    2   3:03pm Mon 19 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Put your shadow inventory on the market for 10 cents on the dollar. You can use that money to start paying back the government.

  3. maxweber21


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    3   7:53am Tue 20 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    I wonder how many houses are vacant and/or second homes or vacation homes? IIRC back in 2007 I read through the census numbers and it was around 20M. So, if things were tight, we do have enough houses for 20M households to live in without building more. $140B/200K/house -> 700K houses. So, maybe Fannie/Freddie are sitting on 700,000 empty houses. But others (rich people?) are sitting on millions of more houses.

    The reality is probably more like Freddie/Fannie don't actually have the shadow inventory. Reality is probably much of those were fraud and house is worthless or doesn't even exist! I wonder.

  4. maxweber21


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    4   8:01am Tue 20 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    "Fannie Mae, which owned 114,000 foreclosed homes as of March 31"
    -- http://realestate.aol.com/blog/2012/07/13/shadow-reo-as-much-as-90-percent-of-foreclosed-properties-are-h/

    But realtors protest selling even 500:
    -- http://losangeles.cbslocal.com/2012/08/22/realtors-protest-planned-sale-of-500-fannie-mae-owned-homes-in-los-angeles-inland-empire/

    But maybe the government will underwrite the losses so the loaner can sell without booking a loss and the government will absorb the loss?
    -- http://www.cnbc.com/id/45925851/Government_Set_to_Sell_Foreclosures_in_Bulk

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