Fannie Mae asks for $2.5 billion in new US aid
Unbelievable! Why are we bailing out these arrogant idiots? Instead of trying to own 1/2 of America, why don't they make a smart business decision and learn what a short sale is and learn that it can save them AND the homeowners a tremendous amount of money and a major headache!
Instead, they snub their nose at short sales and hide behind their "guidelines" and foreclose on a home that they typically could sell as a short sale and save the legal fees, repairs, maintenance and resale costs, not to mention NET more money today than 6 months down the road in a declining market.
http://news.yahoo.com/s/ap/20101106/ap_on_bi_ge/us_earns_fannie_mae_4
JUST SAY NO TO FANNIE MAE! Call your state representatives, call your congressman, senator, CALL the White House and tell them to just say NO!
Replies to This Discussion
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Permalink Reply by Donna Paul on
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I can't believe it.... We have to take a stand and let them know that they can save themselves a lot of money instead of foreclosing on people's home. Then they wont have to ask for more money. I have to give them a call. I totally agree with you JEFF.
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Permalink Reply by Brigitte Powell on
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Don't you wonder what NAR is doing to address this issue?
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why not get together and ask NAR to do something? Or am I missing a point here?
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Permalink Reply by Jeff Payne on
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I often wonder what NAR does :) I am not a fan of NAR, it is another organization that has gotten so far away from the original intention in my opinion. I am not sure that NAR knows what a short sale is. It is going to take a "grass roots" effort from those of us that are on the front lines to make anything happen. br/>
Brigitte Powell said:Don't you wonder what NAR is doing to address this issue? -
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Maybe naive, but if we all sent something to NAR asking for an explanation of what they are doing to address this it would let them know we are concerned. I find it difficult to comprehend that they have no one monitoring this. I am assuming that as long as we as a group don't take a stand and complain to them, they will not see it as a problem to address. Just a thought. I will email someone and ask about it.....and will post what I get back...
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I get what you are saying, maybe I am a bit cynical but as long as NAR gets their dues, they are happy. They want numbers and nothing more. See what you can stir up and let us know !!!
Brigitte Powell said:Maybe naive, but if we all sent something to NAR asking for an explanation of what they are doing to address this it would let them know we are concerned. I find it difficult to comprehend that they have no one monitoring this. I am assuming that as long as we as a group don't take a stand and complain to them, they will not see it as a problem to address. Just a thought. I will email someone and ask about it.....and will post what I get back... -
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Jeff ;-) I understand completely. I just contacted them and asked my question....so let's see how long it takes to get a response and what the response will be. I will post for all to see ;-)
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Hey Jeff, here is the response I got from Tony Huchinson of NAR.
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Tony Hutchinson-NAR.doc, 33 KB
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Thanks Brigitte, I tried to read it and then I think I started to get sick :) He certainly is a politician. NAR is about numbers and membership and their interest in the daily workings of a realtor is minimal as long as they get their dues. I would invite Tony Hutchinson to come to my office for a week and work on short sales with me, better yet, lets get him authorization to work the short sale himself.
The only way that the short sale process is going to get better, the only way for Fannie to start listening is for us to continue to go after them and not let them off the hook when they make STUPID decisions.
From what I am hearing and seeing, we probably won't have to worry about Fannie and Freddie for too much longer, they are doing a great job of self imploding.
Brigitte Powell said:Hey Jeff, here is the response I got from Tony Huchinson of NAR. -
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Here is my favorite line in the entire letter from him..
Lastly, NAR continues to work issues effecting GSEs and the broader housing market every day. We hear from many REALTORS(r), like yourself, who are frustrated with the inefficiencies in the short sales process and the perceived additional taxpayer money that the GSEs require in order to ensure American households have access to mortgage capital. Please monitor our activities around these issue on REALTOR.org, and continue to e-mail us with your comments and questions.
Percieved additional taxpayer money? PERCIEVED? To quote the boys from Monday Night Football "COME ON MAN!" Percieved? Fannie and Freddie are going to cost the treasury almost 400 BILLION this year, where does that money come from? -
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Jeff....LOL!!! I just got tired reading copy. Wish he had sent something in his own words....but then what did I expect. I don't think there are enough of us bothering to send a message of discust. I gave it a shot because i heard myself saying "why doesn't somebody do something".......What do you know???? I realized that I am a somebody :-)
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By the way all....what about doing away with the mortgage tax credits....I don't think it has a snowballs chance in .....
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