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Fannie Mae’s evil plot exposed
Just in time for Halloween, I want to tell you something scary that’s no ghost story. Over the last few weeks, I’ve laid the groundwork for today’s topic – Fannie Mae – and their sinister plan to change the world!
OK, maybe that’s a little dramatic and overstated – you tell me.
Two weeks ago, I told you that everything depends on the appraisal and how low appraisals can cause a sale to be cancelled. Low appraisals are also keeping market values lower and stagnant (although we’ve seen a 13.5% increase in value in the last year in Las Vegas.)
Last week, I referenced a report that showed that nationally, we could be back to our record home values (set at the height of the market in 2005) by 2015. The logical question is, “If appraisals are keeping prices lower, how will we reach record values in a little over two years?”
Some folks think that Fannie Mae is taking the bull by the horns and forcibly changing the market. What exactly is Fannie Mae? Click HERE for the detailed answer.
The short answer is Fannie Mae buys (or securitizes) the mortgage you take out from a bank, so the bank ... more
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