Gosh. Like 70% of all mortgages are held by Fannie & Freddie. That would be what,at least a trillion in losses for we,the people,to eat? I’d prefer a solution that wouldn’t involve me and mine owing another 30k apiece.
“Gosh. Like 70% of all mortgages are held by Fannie & Freddie.”
Yes, Wiggen, and it’s going to get worse. Example...I made a cash offer on a Fannie repoed condo the other day. They took a lower offer, because the applicant was a minority with no references. And they financed it. They’re digging us back into the same hole and will keep doing it as long as we keep handing out the money to bail them out. Fannie gives MILLIONS every year to groups like Maldef, LaRaza, Rainbow Push coalition and finances a BUNCH of politicians..on the left and right. All with OUR money.
I think that is the point. “They” want us to pay for the banks mistakes.
My mortgage is “supposed” to be with Fannie, but the chain of title that they claim my mortgage with is bogus. BofA, which I never had a loan with, “assigned” it to Fannie! So, you and everybody else can pay for my mortgage, if we ever default. Lucky for you, my hubby is employed. We are doing OK. BUT, how many other loans has this happened too JUST TO SAVE THE BANKS!!!
I have been reading so many articles on this I am no longer sure where I saw this, maybe MarketTicker, or in a thread here at FR, but the main point of the comment was ALL OF THIS IS TO SAVE THE BANKS.
In fact, I was just at ZeroHedge, and there is a thread there that you can “send” a letter to the banks about your mortgage. Guess who is one of the supporters? SEIU!!!!
This will pass you thought the SEIU’s link( action. org) http://www.zerohedge.com/article/here-your-chance-check-if-you-are-victim-mortgage-fraud
But, I saw another site that was much more “real” than SEIU’s bogus site: http://www.consumerwarningnetwork.com/2009/03/05/how-to-use-produce-the-note-in-non-judicial-foreclosure-states
The second link is real help for people.
NOW, SEIU is trying to whip people up. But to what end?