Fannie and Freddie - pay us back!

By YesYNot   follow   Mon, 19 Nov 2012, 4:24am PST   ↑ Like   ↓ Dislike   857 views   4 comments   Watch (1)   Share   Quote  

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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BobMSN   befriend (0)   ignore (0)   Mon, 19 Nov 2012, 6:58am PST   Like (1)   Dislike     Share   Quote   Comment 1

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.

jvolstad   befriend (4)   ignore (3)   Mon, 19 Nov 2012, 7:03am PST   Like   Dislike     Share   Quote   Comment 2

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

maxweber21   befriend (0)   ignore (0)   Mon, 19 Nov 2012, 11:53pm PST   Like   Dislike     Share   Quote   Comment 3

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.

maxweber21   befriend (0)   ignore (0)   Tue, 20 Nov 2012, 12:01am PST   Like   Dislike     Share   Quote   Comment 4

"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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