“The mortgages are listed as performing, but Freddie Mac said some are still distressed.”
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Freddie Mac to securitize previously delinquent mortgages
Freddie Mac plans to bundle pools of once-delinquent mortgages, calling the strategy “a new avenue for securitization.”
The mortgages to be used as collateral are re-performing loans, current for the last 12 months. However, the mortgages are not modified and the government-sponsored enterprise did not specify the loss-mitigation strategies used to bring the loans current.
The reinstated loans will be pooled into new Freddie Mac participation certificates with the “R” prefix. These certificates may back new Freddie Mac REMIC and Giant securities in the future, the company said in a statement Thursday.
Rest here…
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Maybe Rob McKenna from Washington state will graduate from his bankers school to be governor.
OMFG the Ponzi scheme has no end!
Ok…I confess… the Easter Bunny owns lmy loan. I just didn’t want to tell….. Sorry….. Sarcasm. What I really want to say here, cannot be published.
After and over 4 years, all I can say is that this whole fiasco had to be orchestrated in some fashion. Whoever is responsible, (Person(s), group(s), should be “eliminated” and if there is ANY way of figuring out some form of equitable restitution, THAT should be implemented. But since the Whole World is seemingly going broke. (SEEMINGLY)……. I doubt any Justice will ever be served.
“Someone”? We know who the “someone” is. It’s the press’s job to confuse things. ” Blame Fannie!” No wait “Blame the regulators!” No wait “Blame Wall Street!” No wait “Blame the repeal of G.S!”
No wait “Blame the Borrowers!”
It’s all a big lie, since our owner/ruler class worked together, to screw you. if you’re a victim tsk tsk. The bandits made off with the loot, you get to lose your home. They won’t be brought to justice because they are “Justice” Sorry. Go USA!
The only candidate without a paper treil to banks history still is only Ron Paul, Dr No will not entertain Lobbiests in his office. They know what his answer will be. Vote for Ron Paul can put our economy back together again. The media won’t let him express the truth. they can’t handle the truth. It is foreign to them
Chase was on board with this – they are set to do, supposedly.
In the meantime – I’ve been doing some reading on how investors are scooping up foreclosed properties for rental portfolios…from individuals for investment funds.
Yep, sooner or later – as Matt Weidner and others have suggested – we will renting from investment firms in the U.S. and outside its borders. Ugh – very, very sad.
The people they are kicking out of homes are having their credit destroyed. The property management places in my area require that you have good credit, no BK or foreclosure. Well guess how many people do not live up to their expectations. Know lots of people who cannot rent from property management places nor apartments. I am one of those people. Who are they going to rent them to?
Well, once you have been ‘off the farm,’ kinda hard to go back. Banks had a good thing going, no, a great thing going! Sell a pig in a poke to a big spender investor looking for a gold mine and then let him give back servicing rights so you can stick it to him all over again. No skin in the game. Can you blame the banks for wanting to run this scam through Freddie again! Cause it isn’t really Freddie is it? When was the last time any one of us had Freddie call us up to work out a payment plan on our non-performing mortgage? The banks are out hustling again! Come on, I got a bridge!
Our government needs to wake up. Banks are out of control!
Kinda looks like they are both out of control..It looks like maybe.they are all in the sack together having mortgage securitization orgies..looks like Hitler’s play book…and it sounds and smells like fascism…
My modification stated that they would help me should I not be able to meet the demands with the increases, after 7 months of sending all paperwork in, 7 occasions, they refused to assist, finally quit making payments on the second, the property is rented, prior at a break even, now at a negative; they were so generous and understanding about another medical issue that they were contacted by Coldwell Banker and allowed agent to offer tenants cash for keys, forcing a foreclosure situation, I had just gotten out of the hospital, and wasn;t in a condition to deal with this at this time, currently on fixed income, having lost original residence to foreclosure , sitting in second residence waiting for short sale, due to death in family, I 1031 the estate propertys into real estate, I will now lose the third one, will lose it all, all properties had 20% down, numerous upgrades, well maintained, now unable to rent, tis a game the local agents play, giving cash for keys to tenants PRIOR to any deliquent payments, what a wonderful world we live in, and the only one I see blacklisted are the previous homeowners, like we all planned on losing our jobs, medical situaitons, or having our properties lose as much as 75% value??? They want their homes back and could care less about your situation,
Their homes ruth ann? As long as you believe that and keep drinking their kool-aid, they will prey on you like the vultures that they truly are….
lvent, I’d say that about sums it up. Ruth Ann, PLEASE take the time to learn, I understand you are having medical issues, but you can read and learn while trying to get back on your feet. They stole YOUR home, about to steal the other one (convincing you to ‘short’ sell it – by WHO’S AUTHORITY??) and mention a third property-THEY WERE, AND REALLY STILL ARE LAWFULLY OWNED BY YOU, BUT YOU (AND SOOOO MANY OTHERS) MUST STAND UP FOR YOURSELF.
ruth ann..Check your recordings and look for assignments…find out what a legal assignment looks like in your state…In my state their are only 2 types of assignments that create a lien on real property…..an Assignment of Land Trust For Collateral Purposes or a Collateral Assignment Under Land Trust…and remember, the only person who can create a clear chain of title for them is you, with your signature…..You do have property rights and laws that protect YOUR property rights….They want you to believe that if you don’t pay the mortgage, you are out..That is because in the old days your note stayed at the bank you got your loan from and never went anywhere else…..That is no longer the case since they started selling these loans onto Wall Street and coverting those notes into stocks…They most likely never assigned a lien to your collateral deed….My recorders office told me they have never assigned a lien to my deed in 18 years…and because of that my house is paid for, I can live in it, sell it or do whatever I want with it…There is no legal fix for what they did not do…My State AG’s office told me that I signed the contract….that is what they want you to believe.. that you have no property rights if you do not pay the mortgage..there is alot more to it than that and you do have rights and laws that protect you…
Ivent is right, plus every one needs to learn to prepare for worst case scenario. Hopefully such plans would never be needed, and if they are needed, then you are ready. Learn to be careful who to trust
and use discernment on what you are told or read. Plus ALWAYS read the fine print on all contracts,
if you do not understand some of what youre signing, refuse to sign until what you read is clear to you.
EEW! And just who’s retirement funds are to be sucked into this new even more smelly rat-hole?
I think I read that one of the overhauls was to be that each firm had to hold onto some of the crud, I mean investment offerings. I would want them to have to hold an equal position in all tranches.
Me thinks that there should be a rule that the compensation for the individual scoundrels who create these monstrosities should be tied to the performance of the offering after it is issued. The creators should also be forced to keep at least half of their own retirement fund contributions in the very crap they create, with no preferential ‘leveraging’ (this would be for both the employer and the employee contributions).
Also, any bonuses would be paid as a portion of the funds the workers created. No swapping of funds would be permitted. Put all of the incentive for the worker-bees, even the golden-boys, into creation of investment products that do well. This will decrease the ‘corporate wriggling’ that is currently in vogue to game the system at every turn.
Sounds like they are trying to find a “fix” for what they did not do right in the first place….
Max Keiser has a name for this…holy transubgation….they are trying to turn water into wine….