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Politics : American Presidential Politics and foreign affairs

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To: TimF who wrote (44168)	7/14/2010 10:46:48 PM
From: DuckTapeSunroof	Read Replies (1) of 71588

All Fannie and Freddie are saying is that if you walk away from a mortgage that Fannie or Freddie have guaranteed (forcing them, now the taxpayers, to eat the cost) --- and you do it for no good reason, not loss of job or major illness or whatnot, no reason other than that it seems to make financial sense to you personally to abandon your obligation and contract --- then they will refuse to buy any more mortgages that may get issued to you for some period of years. Makes perfect sense to me! Sounds like a Hell of a good idea. ESPECIALLY with the current statistics for such "strategic defaults" showing millionaires WALKING AWAY from their mortgages at the rate of one out of every seven... while 'ordinary guy' non-millionaires only defaulting at the much lower rate of one out of every twelve.

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