There is a growing number of Freepers who have good credit and solid loans and are paying their mortgages who are finding that their home loans are NOW owned by Fannie.
We don’t like that. If we wanted loans with Fannie, we would have gone and gotten loans from Fannie. We didn’t. NOW, we do. We aren’t party to the contract that did this to us.
Just as the government has federalized all the student loans, is the government going to federalize home loans? It sure looks that way.
I got a notice from Fannie telling me they now owned my loan. The bank they got my loan from is not recorded at the county.
Something stinks, and it is the too big to fail banks that are doing this.
“We don’t like that. If we wanted loans with Fannie, we would have gone and gotten loans from Fannie. We didn’t. NOW, we do. We aren’t party to the contract that did this to us.”
Of course you’re not a party to the decision. The mortgage was owned by the firm that lent you the money and they can do what they want with it. They owned the mortgage, not you.
And you’re not getting a loan from Fannie. Fannie is simply a secondary investor. Your loan came from your original lender. Your original lender wanted to get liquid in order to make another loan. They can’t do that if their money is already tied up. So they sold the mortgage paper on your house to Fannie.
They could have sold it to any investor that they wanted. Fannie is an easy choice for them since purchasing mortgages in the secondary market is the sole reason Fannie was created 75 years ago. It hasn’t been a government agency since Lyndon Johnson spun them off to the private sector in the late 60s. You can still buy stock in Fannie if you want to.