By "WE" I mean the U.S. taxpayers!!!!!
This is the number of homes listed for sale by Fannie Mae, Freddie Mac, and the Federal Housing Administration. All resulting from the record numbers of people defaulting on government-backed mortgages.
The “robo-signing” scandal that slowed new disclosures, will in the coming months, very likely increase the number of government-owned properties. According to RealtyTrac, one out of every five of the 3.65 million homes for sale at the end of July was a foreclosure.
With 248,000 foreclosed homes already owned and so many more moving toward default, Fannie Mae (FNMA), Freddie Mac (FMCC), and the Federal Housing Administration are looking for ways to unload them without swamping the already depressed real estate market. Trouble is, they haven’t figured out how to do that. So they’re asking you and me for ideas about how to solve the problem.
If you want to tell them your idea, you have until Sept. 15 to submit it to reo.rfi@fhfa.gov. The government’s call for ideas is a sign it is deluged with repossessions.
While shielding the market from a flood of government homes might be good for property values and the economy, it’s not such a great deal for taxpayers. Who bears the costs when government-guaranteed loans go bad and who pays for maintenance on vacant homes the feds take over? You and I of course!
You can help keep homeowners in their homes by referring them to the following website. They offer a solution that will keep the house out of foreclosure and therefore out of adding to the numbers above. Foreclosure prevention.
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