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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (256338)	6/23/2010 3:42:45 PM
From: Broken_Clock	Respond to of 306849

"Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure." --- who gives a rip? That will only delay any future rebound...even if one was even remotely possible given the coming collapse..

To: Les H who wrote (256338)	6/23/2010 4:15:42 PM
From: James Hutton	Read Replies (1) \| Respond to of 306849

So assuming that strategic defaulters give a rat's ass about this and actually don't give the keys back, this would spell the end of the "consumer spending rebound," at least in part. It's hard not to laugh at Fannie preaching about moral hazard.

To: Les H who wrote (256338)	6/23/2010 6:15:13 PM
From: Kayaker	Read Replies (2) \| Respond to of 306849

Fannie Screws The Citizens Twice Karl Denninger First, Fannie Mae ran crooked books for years, got caught, ran insane risk models for years more (80:1 leverage anyone?), got caught again, the second time by the market and essentially forced the government to step in lest they default on over $3 trillion in paper sold to, in large part, the Chinese. Now, having screwed you, the taxpayer, through outright fraud and ridiculous risk-taking and being a prime architect of the housing bubble, they now propose to bend you over again: 7ax.de

To: Les H who wrote (256338)	6/23/2010 8:40:41 PM
From: sspads	Read Replies (1) \| Respond to of 306849

LOL, "Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure." That's like the Dean in "Animal House" saying, "we're going to put you on double secret probation." These people cannot afford a mortgage now, and they're not going to in 7 years. Furthermore, why 7 years? This crap is so arbitrary.