This week Fannie Mae, the government agency we love to hate, announced it would punish borrowers who strategically default on mortgages on non-performing housing assets. Funny how they didn’t mention their request for another $8.4 billion in taxpayer money last month.How long will the country – and the real estate industry in particular – put up with the joke that is Fannie Mae? We like to morph their name to “Maedoff” in our coverage of them because, well, except for Social Security, no greater ponzi scheme has ever been perpetrated on the American homeowner. And while homeowners should indeed take full responsibility for their financial follies, few people in government or the real estate industry are demanding that Fannie Mae take full ownership of their shenanigans and do the right thing:

Declare bankruptcy and close their doors.

 

Read the rest of this article at: http://www.matthewferrara.com/rssfeed/fannie-maedoffs-double-standard/

 

 
Post is included in group: Almost Anything Goes
Post is included in group: Politics And Real Estate
Post is included in group: Realtors®

2 Comments on Fannie Maedoff's Double Standard

JUN
25
2010
645,228 Points 8 Featured Posts Outside Blog Called Shot Master

Matthew,

New financial reform bill did not deal with biggest problems; Fannie and Freddie
5:51pm • #1
JUN
26
2010
10 Featured Posts Outside Blog Attended Rain Camp

@Mike: I know. They left the 800-pound gorilla in the room untamed...
9:54am • #2


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Matthew Ferrara -- Matthew Ferrara & Company

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