FANNIE MAE SET TO COLLECT ON DEFICIENCY JUDGMENTS CAUSED BY STRATEGIC DEFAULTS.

Reblogger Mark Watterson
Real Estate Agent 5660894-PB00

I find it amazing that the government bails out big business and leaves the mess to the taxpayers.

Bankruptcy is a wonderful thing for those who exercise poor judgment and is should have been exercised in this case.

Now many taxpayers will be forced to use the bankruptcy laws and pay for the mistakes cause by big business and enabled by our government.

What I find most disheartening at this time is the general public failure to see through all the distractions and focus on the root cause of the issues.  Without some form of unified effort on some level, nothing is going to change.

Lenn has done a great job focusing on the real issues and not the distractions.  I hope over time enough people will realize real change in the government has to be made.

Hope you enjoy the post Lenn wrote below.

Original content by Lenn Harley 303829;0225082372

Lenn Harley

HEY FANNIE MAE.  I HEAR YOU'RE PLANNING A COOKOUT FOR THE 4TH OF JULY.

GAMES FOR THE PARTY.  FANNIE MAE PLANS A TREASURE HUNT. 

Hey Fannie Mae!  I heard you're COOKIN' UP some new ways to bury the American home owner deeper into financial ruin.

YOU'RE PARTNERS AT THE FED AND TREASURY DID A PRETTY GOOD JOB WITH THAT "TARP" thing where you gave the investment banks, commercial banks and insurance companies about $2,000,000,000,000.  That's Trillion. 

Since you started this COOKOUT when you approved and purchased all of those sub-prime, Alt-A and other mortgage instruments that were securitized and sold by fat cat traders to fat cat investors on Wall Street  You know the guys, the ones that sold the securities backed by mortgages on American home owners' property. 

IF THE AMERICAN HOME OWNER IS IN A POSITION OF NEGATIVE EQUITY, WHY CANNOT THEY CLAIM A FINANCIAL LOSS FOR TAX PURPOSES AND "WRITE IT OFF" as a corporation can do when they lose money on investments or P&L????  Why is the American home owner the entity that many would FORCE to have to HOLD THE PROPERTY WITH NO MARKET VALUE, LIVE IN IT AND CONTINUE TO PAY FOR IT WHEN IT NO LONGER MAKES ANY FINANCIAL SENSE.

The corporation USES THE TAX LAWS TO MITIGATE THEIR LOSSES.  

Only the American home owner is forced to live in and continue to pay for their financial loss even when they didn't make the decisions that caused the loss

Some other ideas to put some money in the treasury.  I know where you can collect a cool, $50,000,000.

Prosecute Franklin Raines for falsifying the Financial Reports for Fannie Mae to enhance his bonus income.  Of course when the gig was up, he walked away with a cool $50,000,000.  Mr. Raines is a known FOB, (Friend of Bill (Clinton).

Or. . . .

You might go after Christopher Dodd too for promoting sub-prime loans that were the Countrywide speciality while he got favorable interest rates from Countrywide as a "Friend of Angelo". 

AMERICAN HOME OWNERS DON'T HAVE ANY FRIENDS IN HIGH PLACES.  They're prime targets (pun intended).  Oh sure, the home owner is the easier target because, for starters, although they haven't broken any laws, they won't have the resources to fight you when you bring the power of the federal government down on them.  Collection will be easy, just assess, garnish and rake in the money.  You have the power.  Of course, the economy will be slowed that much more by taking a few million consumers out of the credit market, but shucks, isn't that part of the plan???  To reduce the American consumer to a supplicant with no credit, no resources and no financial future. 

Another idea.  Why not give the collection job to your buddies at ACORN

 

Inspired by Richard Zaritsky's post, BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS - FANNIE MAE POINTS THE WAY

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.


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Rainmaker
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Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Mark:

Good re-blog of Lenn's post.

She always makes excellent points...

Jul 05, 2010 10:20 AM #1
Rainmaker
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Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Strategic Defaults are those where the seller simply "decides" to walk away from the debt.  And, when that is the case, I fully agree that the lender should go after that seller.  In the case of a true short sale... NO... those folks are in major financial trouble, and cannot do anything else BUT so a short sale.  Major difference.

Jul 05, 2010 06:55 PM #2
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Rainmaker
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Mark Watterson

Utah Real Estate
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