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Fannie To Allow Walkaways by On-Time Borrowers

By Ironman (88/91 = 96% civil)   2013 Jan 29, 2:31am   ↑ like   ↓ dislike (1)   648 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 »

1   David9   2013 Jan 29, 2:47am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

It just gets weirder by the second.

2   PockyClipsNow (8/8 = 100% civil)   2013 Jan 29, 3:35am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

3   David9   2013 Jan 29, 4:57am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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 (8/8 = 100% civil)   2013 Jan 29, 9:21am  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

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 (8/8 = 100% civil)   2013 Jan 29, 9:31am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

6   mell (9/9 = 100% civil)   2013 Jan 29, 9:41am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

7   HEY YOU (3/3 = 100% civil)   2013 Jan 29, 9:43am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

Comments 1-7 of 7     Last »

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