Fannie To Allow Walkaways by On-Time Borrowers

By Ironman   follow   Tue, 29 Jan 2013, 2:31am PST   ↑ Like   ↓ Dislike (1)   530 views   7 comments   Watch (0)   Share   Quote  

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!!

#housing

Comments 1-7 of 7     Last »

David9   befriend (4)   ignore (0)   Tue, 29 Jan 2013, 2:47am PST   Like   Dislike     Share   Quote   Comment 1

It just gets weirder by the second.

PockyClipsNow   befriend (0)   ignore (1)   Tue, 29 Jan 2013, 3:35am PST   Like   Dislike     Share   Quote   Comment 2

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

David9   befriend (4)   ignore (0)   Tue, 29 Jan 2013, 4:57am PST   Like   Dislike     Share   Quote   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   befriend (0)   ignore (1)   Tue, 29 Jan 2013, 9:21am PST   Like (1)   Dislike     Share   Quote   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   befriend (4)   ignore (3)   Tue, 29 Jan 2013, 9:31am PST   Like   Dislike     Share   Quote   Comment 5

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

mell   befriend (8)   ignore (5)   Tue, 29 Jan 2013, 9:41am PST   Like   Dislike     Share   Quote   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   befriend (3)   ignore (4)   Tue, 29 Jan 2013, 9:43am PST   Like   Dislike     Share   Quote   Comment 7

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

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