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.
Nice.... now taxpayers get to bailout EVERYONE who did a cashout/refi or bought during the bubble!!
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It just gets weirder by the second.
Yes but its equal opportunity looting. We were all free to buy a house and default. Do it today!
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 ! ;-)
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.
Check out those foreclosures in Richmond. Makes East Palo Alto look nice.
It's the new normal! Paul 'The Professor' Krugman OK'd it, so all is dandy! Get on board with it!
I'll just pay more taxes to cover the loss?
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