Hay.. voters in Illinois, Ohio, New England area
How are those Home Value Prices working for you.
Barney Frank says you have nothing to worry about.
The Democrates will take care of you. ... Making home loans to people who can not pay their mortgage with your Tax Money which you paid into the government and now goes up in smoke as the fire sale begins on property no one can now buy.
GOOD JOB. Let's keep the Democrates in office. They are doing such a good job for us......
"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
Hope a Change Map... Wake up Democrates.
Vote for Republicans
Housing failures for inner city voters showes that the Democrates are not doing you any favors. They are only looking out for themselves.
Ask Charles Rangel how hard he is working for you!!!
Charles Rangle at his Punta Cana home he forgot to report on his income tax. (See: http://www.opensecrets.org/pfds/candlook.php?txtName=rangel Charles B. Rangel (D-NY)Personal finance profiles)
Sep 07, 2010 -- New Fannie Mae site offers foreclosures and financing
If you go back in time, one of the key ways we got in trouble in the housing market was that money was too easy to borrow. It was an era when 100 percent financing was the norm. In fact, there was even a brief window when you could borrow up to 125 percent of a home's value!
As a result of that approach, Fannie Mae is now stuck with a massive number of foreclosures that they haven't been able to move. So the giant government-sponsored enterprise has launched HomePath.com to help push its inventory.
This new website offers the opportunity to steal a deal on foreclosures and find easy financing too. Below are some of the terms being offered. (Editor's note: Is this a throwback to the loose lending standards of the 1990s or what?!)
■3% downpayment for owner occupants, 10% for investors (by contrast, 30% is typical for investors these days)
■no requirements for appraisal on a house
■no private-mortgage insurance (PMI)
■qualified borrowers need only have a credit score as low as 660
As you can probably tell, Fannie Mae is desperate to move these properties with cheap easy access to money and a streamlined buying process. Meanwhile, syndicated columnist Kenneth Harney recent interviewed a Fannie Mae official and was told that the majority of houses are move-in ready. We'll have to wait and see how this one plays out...
Fannie Mae requests another $8 billion in bailout money
May 10, 2010 by Ed Morrissey
This comes as no shock, of course, considering that its sister GSE asked for more than $10 billion on Thursday. Both Fannie Mae and Freddie Mac continue to lose money and continue to raid a Treasury line of credit funded by taxpayers to remain solvent. And oddly, this is something that apparently doesn’t concern Congress at all:
Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that due to trends in the housing and financial markets, the company expects its deficits to continue.
…The request cames just four days after Fannie’s twin Freddie Mac also asked for a handout – to the tune of $10.6 billion – after posting an $8 billion quarterly loss.
In case you’re keeping score, that would bring Fannie’s cash to almost $85 billion. Freddie has spent over $50 billion. Under the original terms of the bailout, they would have already used more than half of the $200 billion Congress allocated for their rescue. The Obama administration lifted that limit in December, however, so neither GSE needs to worry about running out of cash. Only taxpayers have to worry about that, apparently.
The Senate is debating a financial reform bill that would supposedly curtail bailouts. However, the bill does nothing to free the American taxpayer from the obligations of Fannie and Freddie; in fact, the bill doesn’t even address the two lenders. Perhaps constituents should ask their Senators why that problem is being ignored while the two continue grabbing good money to rescue the bad.
Homeless Man Gets Five Fannie Mae Loans In Florida
The St. Petersburg Times found a homeless man who had bought a few houses. “After struggling much of his adult life with unemployment, homelessness and drug addiction, Johnny Moon Sr. died last year on a dirty mattress on the floor of a small home near Tampa’s College Hill district. Moon left behind a watch, a flashlight and a wallet containing a solitary dollar bill. And more than a half-million dollars worth of real estate.”
“The St. Petersburg Times (inquired) about how the elder Moon had qualified for the mortgage loans. A high school dropout with no job history who got by on food stamps, Moon morphed into a real estate investor. Within a year, he bought five properties and signed for mortgages in excess of $614,000.”
“Those familiar with Moon’s background have doubts about his abrupt transformation into real estate investor. Linda Johnson, Moon’s sister, thinks he was an unlikely candidate for easy credit. ‘He never had nothing much, no bank accounts or nothing like that,’ she said.”
“Records show Moon bought a 12th Street property from for $147,000, triple what the county property appraiser said it was worth, and paid for it with a $147,000 mortgage loan. The Federal National Mortgage Association, commonly called Fannie Mae, ended up with the home after Moon died and the loan went into foreclosure. For Fannie Mae, the loan has become a loser.”
“The lender’s representatives discovered the 86-year-old home with the tin roof has leaks, flooring problems, no sink in the bathroom and no kitchen. As is, it is uninhabitable. The home is listed at $88,500, but so far, no takers.”
“In November 2002, Moon Sr. signed for an $85,000 loan to buy the home at 2204 E Chipco St. Six days later, Moon was arrested and charged with petty theft. A few months after being released and reporting meager income, Moon Sr. signed for four mortgage loans, totaling $529,300, to buy four more properties. The four purchases occurred in a two week period. Three homes eventually went into foreclosure.”
“He somehow got himself to all four closings, records show, and presented a Florida driver’s license as identification, though the state had revoked his license indefinitely during the 1990s when he was classified as a habitual traffic offender.”