Fannie To Allow Walkaways by On-Time Borrowers


By Call it Crazy   Follow   Tue, 29 Jan 2013, 10:31am   387 views   7 comments
Watch (0)   Share   Quote   Permalink   Like   Dislike (1)  

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!!

Viewing Comments 1-7 of 7     Last »     See most liked comments

  1. David9


    Follow
    Befriend (4)
    31 threads
    1,027 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
    1,582 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 (4)
    31 threads
    1,027 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
    1,582 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)
    1,128 threads
    1,557 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 (8)
    296 threads
    3,782 comments
    San Francisco, CA

    6   5:41pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    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 (3)
    898 threads
    2,285 comments

    7   5:43pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    I'll just pay more taxes to cover the loss?

Call it Crazy is moderator of this thread.

Email

Username

Watch comments by email
Home   Tips and Tricks   Questions or suggestions? Mail p@patrick.net   Thank you for your kind donations

Page took 65 milliseconds to create.