fannie mae: Fannie Mae Says Strategic Defaults a No-No - 06/24/10 10:09 AM
There’s been a lot of talk about strategic mortgage defaults. Here’s the scenario: Bob Buyer purchases a home. After a few years the real estate market has a “correction” and the house is no longer worth what Bob paid for it. Even though he can still afford the payments, Bob decides it makes better economic sense to walk away from the house and let the bank foreclose.
Here’s a 60 Minutes segment on Strategic Defaults:

Fannie Mae has decided to take a strong position with borrowers who can pay their mortgage but choose not to. It will now take … (3 comments)

fannie mae: Holiday Present from Fannie Mae & Freddie Mac - 11/23/08 11:47 PM
Just in time for Thanksgiving, Fannie and Freddie Mac have announced a temporary suspension to home foreclosures scheduled to take place November 26th until January 9th 2009. Not all homes made the list, though. In order to qualify for the foreclosure suspension, the property needs to be a single family home or 2-4 unit home. However, if the property is a vacant single family, the foreclosure process will not be suspended.
Freddie Mac estimates that there are about 6,000 homeowners who will have more to be thankful for on Thursday. Not only is this good PR, but the temporary suspension … (2 comments)

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