Fannie Mae loses 5.1 BILLION in the second quarter
Here we go again, Fannie Mae loses 5.1 Billion in the second quarter. They are asking tax payers for 2.8 Billion more.
I wonder how much of this loss is from short sales being denied and foreclosure proceedings taking place.
http://finance.yahoo.com/news/Fannie-Mae-2Q-loss-widens-apf-1396750...
It is time to do something about Fannie Mae and their money losing executives!
Last year we met with Fannie Mae short sale VP and she admitted that 75% of all defaulted properties end up in foreclosure and only 25% in a successful short sale. Something stinks in Fanniemaeville! Too many pockets are being lined with property preservation, legal fees, title companies and all of the Fannie Mae cronies with their hands out.
If a foreclosure costs more than a short sale, why are they not changing their short sale guidelines? Why do they prefer to foreclose instead of short sale?
In my area, Fannie Mae has a network of brokers, title companies, attorneys, property preservation companies for their foreclosures. All of these people, except for the broker can be eliminated with a short sale. Let the local real estate agents list the properties and find buyers and make smart decisions and APPROVE the short sales. This pumps money back into the local economy with LOCAL title companies, local lenders and local service people to close these deals!
Fannie Mae needs to STOP the foreclosure nonsense, STOP taking these properties back and STOP pumping money into the properties just to sell them at a discount.
LET THE MARKET police itself, let the market take care of itself and let the agents sell these as short sales!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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http://www.mortgagenewsdaily.com/622008_Foreclosure_Costs.asp
According the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs $3,300.
WOW!
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Permalink Reply by Jill Rother on
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I agree Jeff! The problem is Fannie Mae and Freddie Mac's policies! We as a real estate community need to take it to Washington to get something done! NAR are you listening!
Jill Rother
The Phoenix Team
Keller Williams Realty East Valley
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Permalink Reply by Deidre St. Romain on
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No matter how much smoke they blow our way we know the level of corruption involved here and I don't see it stopping. The machine is too big and the train is moving too fast for any of us to stop it. The lengths we all go to to get a short sale approved, moved through the system of inefficiencies with any lien holder is monumental. Thank God we have each other to share our stories, help each other accomplish our goals of helping our clients and eek out a living. Keep on keeping on Jeff I'm here to support you in any way I can. I hear you brother!
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Permalink Reply by joe beauchamp on
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Was it last year that I heard of the president's economic examination of everything going to happen? I thought great! Someone finally cleaning up some of the tax payer ripoff's. Then I heard, "except fannie and freddie." Oh, then what's the point? Had he heard of BOA? Anything about some sort of mortgage/housing issue or so? Anything?
I have only tried to go to FNMA a few times because of insane things done at BOA. My responses ranged from repeated rejection of authorization for no reason until I dropped it to the FNMA guy telling me that it is the bank's money, to no, he won't look up the file. To me, this fits the definition of a gov't employee - so many holidays, rock solid job, great health care, retirement, 6 or so hrs/day? of playing solitaire and about as close to zero responsibilities as can exist.
Am I seeing an aberration and really FNMA is normally somewhat interested in trying to make things right, or is this, indeed, the case - that it ain't their money, it is that tax payer so who cares? Just wondering if I have the true (dead) pulse of FNMA..
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