Posted on 11/27/2013 3:47:35 AM PST by whitedog57
FHFA has released the Fannie Mae and Freddie Mac conforming loan limits for 2014. The big winners? Hawaii!
fanniefreddicll
Second is Alaska (AK). Fortunately, there aren’t enough people in the Aleutians to cause taxpayers serious problems if the unemployment spikes and/or housing prices collapse.
Third on the list are Guam, the Virgin Islands and … West Virginia. West Virginia??
California, Washington DC (Maryland, Virginia), Wall Street (New York, New Jersey), Carolina Coast vacation hub (Kitty Hawk) and Idaho.
Somehow, I don’t think it is Napoleon Dynamite’s hometown that is among the costliest housing in the USA.
Napoleon-Dynamite-napoleon-dynamite-117744_720_540
Once again, I ask the question: shouldn’t we be means-testing Fannie Mae and Freddie Mac purchased loans if the taxpayer is on the hook for losses? Particularly since Hawaii, Idaho, North Carolina and other counties are second/vacation home meccas?
If lenders want to bear this risk of Hawaiian and other expensive area housing, they are free to do so. I object to taxpayers guaranteeing vacation/second homes or any home for that matter. Notice that most of the US is in the lower tier ($417,000 for single unit) markets like Iowa, Kansas … and Napoleon Dynamite’s home (Franklin County Idaho). No taxpayer subsidy for you, Napoleon.
Napoleon-Dynamite-napoleon-dynamite-117744_720_540
Hawaiian Eye of the government mortgage guarantee problem.
Hopefully # 3 (Guam) won’t tip over.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.