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Fannie To Allow Walkaways by On-Time Borrowers


By Call it Crazy   Follow   Tue, 29 Jan 2013, 2:31am PST   429 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!!

Comments 1-7 of 7     Last »

David9   Tue, 29 Jan 2013, 2:47am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

It just gets weirder by the second.

PockyClipsNow   Tue, 29 Jan 2013, 3:35am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

Yes but its equal opportunity looting. We were all free to buy a house and default. Do it today!

David9   Tue, 29 Jan 2013, 4:57am PST   Share   Quote   Permalink   Like   Dislike     Comment 3

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 ! ;-)

PockyClipsNow   Tue, 29 Jan 2013, 9:21am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 4

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.

jvolstad   Tue, 29 Jan 2013, 9:31am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

Check out those foreclosures in Richmond. Makes East Palo Alto look nice.

mell   Tue, 29 Jan 2013, 9:41am PST   Share   Quote   Permalink   Like   Dislike     Comment 6

It's the new normal! Paul 'The Professor' Krugman OK'd it, so all is dandy! Get on board with it!

HEY YOU   Tue, 29 Jan 2013, 9:43am PST   Share   Quote   Permalink   Like   Dislike     Comment 7

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

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