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Fannie To Allow Walkaways by On-Time Borrowers

By Call it Crazy   Follow   Tue, 29 Jan 2013, 10:31am   319 views   7 comments
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Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.

http://www.bloomberg.com/news/2013-01-28/fannie-adds-bailout-for-underwaters-walkaways-mortgages.html

Nice.... now taxpayers get to bailout EVERYONE who did a cashout/refi or bought during the bubble!!

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1. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

   1   10:47am Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   It just gets weirder by the second.

2. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   2   11:35am Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   Yes but its equal opportunity looting. We were all free to buy a house and default. Do it today!

3. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

   3   12:57pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   PockyClipsNow says We were all free to buy a house and default. Do it today! Great minds think alike. Just at lunch I was thinking maybe I should buy something because after the next crash I could probably squat there for 5, 7, even 10 years ! Oh, that's right.. You already did that ! ;-)

4. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   4   5:21pm Tue 29 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   I bought and if prices drop ill just get a loan mod or principal reduction or squat for years THEN do those. The federal programs in place now to 'help loanowners' are permanent.

5. jvolstad Follow Befriend (4) 1,003 threads 1,146 comments San Antonio, TX jvolstad's website

   5   5:31pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   Check out those foreclosures in Richmond. Makes East Palo Alto look nice.

6. mell Follow Befriend (5) 74 threads 1,401 comments Premium

   6   5:41pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   It's the new normal! Paul 'The Professor' Krugman OK'd it, so all is dandy! Get on board with it!

7. HEY YOU Follow Befriend (4) 352 threads 965 comments

   7   5:43pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   I'll just pay more taxes to cover the loss?