Is this the New Fannie Mae Logo?
Let me get this straight, Fannie Mae pays out approx $13 million in
corporate bonuses to the "masterful leadership", the company asks
for approx. $7.8 billion dollars for the past quarter of performance,
and then the Great Fannie Mae states sorry you short sellers, we are
not going to give any auction postponements.
Why no auction postponement?
Well, Fannie Mae wants to preserve their capital by not paying
the service companies beyond a postponed auction date.
I do believe that should be worth another several million dollars in
bonus money for the Corporate Chieftain's Wisdom.
I received the Approval Letter for a home with a purchase price of $230,000, I needed to have an auction postponement of 2 days (in the state of Arizona the HOA gets 10 business days to deliver their letter of demand) and in this case the HOA had not delivered it's letter yet, I needed 2 more business days, but the Great Fannie Mae in their wisdom stated "we will not postpone". So the home went to FORECLOSURE.
Oh, did I mention that the home sold approx. 5 months later at a price of $185,000, and along the way we the taxpayers paid out the additional HOA fees, the additional property taxes, and for the upkeep of the home.
I have a question, is this action worth another bonus?
I believe the answer is rhetorical, and I do believe the "Wonderful World of Short Sales" makes one a bit
cynical.
Where is Jimmy Buffet and MargaritaVille, is he at the End of the World Party?
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