Fannie Mae overvaluing property by 20 percent Please sign petition

By
Real Estate Agent with Keller Williams Sandpoint rain@lakeandhomes.com SP36782

I specialize in short sales and about 6 months ago all I my Fannie Mae short sales (Even the approved ones) were coming back with values way above market price.  I found that this has been going on across the nation.

Fannie Mae admits to demanding 20% more than market value for short sale properties - forcing homeowners into foreclosure. They then offer the properties to the public on their homepath.com website at 20% above market value and will give a federally sanctioned Fannie Mae bad loan for this price if the buyer "takes advantage" of not paying for an appraisal. These are the type of manipulations which destroyed the property market. As a federal bailout, Fannie Mae should be forced to act ethically and responsibly or they should be shut down.

 

 

Click here to Sign The Petition

https://petitions.whitehouse.gov/petition/force-fannie-mae-behave-responsibly-or-shut-them-down/vtY71bhk?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl#

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Idaho
Groups:
Realtors®
Nationwide Business Referral NetWorking.....National MLS System
Short Sales Specialists
SHORT SALE SPECIALISTS
Short Sales Pro Forum
Tags:
government
fannie mae
short sales
petition
homepath
over value

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
406,388
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

This practice is getting ridiculous by FNMA, and needs to be shut down by those in bed with FNMA, Congress!!  It is nothing more than a cycle of making BAD LOANS, again!!  We have seen a few of these on our short sales, too!!

Jan 29, 2013 11:54 PM #1
Rainmaker
438,752
Rain Silverhawk
Keller Williams Sandpoint rain@lakeandhomes.com - Sandpoint, ID
208-610-0011 Sandpoint Idaho Real Estate Realtor

Yeah I have talked to literally hundreds of agents that have seen this happening in their market and they act as though they are above reproach.  I have turned in several examples to the Federal Housing Agency already. 

Thanks for your comments

Jan 30, 2013 12:11 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
438,752

Rain Silverhawk

208-610-0011 Sandpoint Idaho Real Estate Realtor
Have a million questions? Ask me!
*
*
*
*
Spam prevention

Additional Information