A Sincere Political Question about Fannie Mae
Ok... here goes....please, I HATE politics and rhetoric, but at some point you just wonder: "When is enough just enough?"
I've been reading about the overstated Fannie Mae values. I have experienced and witnessed overvaluations first hand on SEVERAL properties here in Las Vegas.
I thought the intention was to HELP homeowners to AVOID foreclosure?! How can we do that when Fannie is so unrealistic about short sale values? Even when we submit market comps with our offers, those comps are often not weighed into a decision.
At what point should this become a topic of "the masses?" Just as with the "Financial Cliff"....when does this go "mainstream?" We all pay our local MLS asssociations for dues. At what point does the NAR step in, or rather step UP and bring a suit against Fannie Mae? Is this even possible? (I AM asking a question here.) Shouldn't Fannie Mae have an obligation to accept a fair market value?
Of course Fannie's arguement will be that they NET more by foreclosing and relisting the property at their inflated value which will push home values up. But then what about those existing home owners that were forced into foreclosure?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Hi Jeffery. NAR and the FHFA are all over this at this time http://shortsalesuperstars.com/forum/topics/from-nar-gse-short-sale....
You can also now escalate directly to FNNMA through http://www.homepathforshortsales.com/
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Permalink Reply by Marcy Shugarman on
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I agree with you Jeffrey. Yes Bryant, everyone who follows this website should be aware of your point about NAR. However, FNMA is owned by the government and FHFA is the "oversight" govt agency. If this is being done intentionally by the govt, then talking to the agency is unlikely to help. And if FNMA is doing this on purpose because they want to foreclose instead of granting a short sale at fair market value, then escalating within that agency won't help either. I think more and more of us are realizing every day that FNMA is overvaluing these properties on purpose. If the valuation issue was a rarity, that would be a different story. From all the complaints on this website from all around the country, it seems obvious that this problem is common, not rate.
The media and political representatives might be a better place to focus attention on this problem. The home owners that have been denied short sale approval based on value are the ones who are going to have to sue Fannie. Then again, Fannie has the right to foreclose on any of their borrowers who are not making their payment. What they really should do is stop pretending that they want to help home owners by doing short sales. They do this because it looks good in the media. If they just told the truth to the home owners that they want to foreclose on, it would save a lot of time for the buyers, sellers, and agents.
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