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Freddie Mac posts $2.5 billion 3Q loss, asks for another $100 million

Posted by Jeff Payne on November 3, 2010 at 9:27am in Short Sale Discussions

When will this nonsense STOP!  How much of those losses are from NOT approving a fair offer on a short sale?   They refuse the short sale, spend the money to foreclose, spend money maintaining and repairing the house and then they list it for far less than they could have sold it for.

 

http://www.housingwire.com/2010/11/03/freddie-mac-posts-2-5-billion-3q-loss-asks-for-another-100-million

 

Freddie and Fannie are going to cost the treasuray up to $363 BILLION. 

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Replies

  • warren smith November 8, 2010 at 8:04am
    My experience has been that Fannie and Freddie backed loans are commonly serviced by smaller companies, and they tend to be less than willing to participate in short sales. They would rather foreclose, take the $$ from insurance held against the loan, and come out ahead on the deal while selling as a bank owned.
  • VIctor T. Gurrola November 4, 2010 at 5:00pm
    I could not agree more Freddie needs to stop asking for our Tax money particularly if it going to continue to make STUPID decision’s. I am not asking them to give away their homes but accept what fair market is. They need to fail already.
  • Jeff Payne November 4, 2010 at 9:46am
    Sounds like you need to call your senators, congress, gov to let them know what these idiots are doing

    Stephanie Hart said:
    Yup got my Freddie mac deal giving me hell still. It is sad when you talk to the top and she flat out says she doesn't care "let it foreclose, were being more than reasonable". Hoping that I can salvage mine (buyers gave me till Monday). But we may just be lumped in their loss next Q.
  • Stephanie Hart CA 310-930-2342 November 4, 2010 at 9:38am
    Yup got my Freddie mac deal giving me hell still. It is sad when you talk to the top and she flat out says she doesn't care "let it foreclose, were being more than reasonable". Hoping that I can salvage mine (buyers gave me till Monday). But we may just be lumped in their loss next Q.
  • Smitty November 3, 2010 at 12:23pm
    I can't STAND when a homeowner says the loan is backed by Freddie or Fannie. I know it'll be an uphill battle from that point forward. (sigh) They caused a TON of this mess and can't seem to work themselves out of it. I see more roadblocks than go signs.
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