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Fannie and Freddie - pay us back!

By YesYNot   2012 Nov 19, 4:24am   1,302 views   4 comments   watch (0)   quote      

NYT had a quick history lesson and reminder that they owe 140 billion.
http://www.nytimes.com/2012/11/19/opinion/a-140-billion-iou.html

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1   BobMSN     2012 Nov 19, 6:58am  ↑ like (1)   ↓ dislike   quote    

Getting the squatters out of the house they don’t deserve should be the first step. The tax payers have no obligation to provide rent-free houses to them.

2   jvolstad   142/142 = 100% civil   2012 Nov 19, 7:03am  ↑ like   ↓ dislike   quote    

Put your shadow inventory on the market for 10 cents on the dollar. You can use that money to start paying back the government.

3   maxweber21     2012 Nov 19, 11:53pm  ↑ like   ↓ dislike   quote    

I wonder how many houses are vacant and/or second homes or vacation homes? IIRC back in 2007 I read through the census numbers and it was around 20M. So, if things were tight, we do have enough houses for 20M households to live in without building more. $140B/200K/house -> 700K houses. So, maybe Fannie/Freddie are sitting on 700,000 empty houses. But others (rich people?) are sitting on millions of more houses.

The reality is probably more like Freddie/Fannie don't actually have the shadow inventory. Reality is probably much of those were fraud and house is worthless or doesn't even exist! I wonder.

4   maxweber21     2012 Nov 20, 12:01am  ↑ like   ↓ dislike   quote    

"Fannie Mae, which owned 114,000 foreclosed homes as of March 31"
-- http://realestate.aol.com/blog/2012/07/13/shadow-reo-as-much-as-90-percent-of-foreclosed-properties-are-h/

But realtors protest selling even 500:
-- http://losangeles.cbslocal.com/2012/08/22/realtors-protest-planned-sale-of-500-fannie-mae-owned-homes-in-los-angeles-inland-empire/

But maybe the government will underwrite the losses so the loaner can sell without booking a loss and the government will absorb the loss?
-- http://www.cnbc.com/id/45925851/Government_Set_to_Sell_Foreclosures_in_Bulk

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