Fannie, Freddie’s $24 Billion Glut Imperils Recovery
Fannie Mae and Freddie Mac’s combined inventory of foreclosed residential property has quadrupled in just three years and now stands at a record $24 billion. The number of properties on their rolls — now at nearly 242,000 — has increased fivefold.
That’s roughly a third of the total U.S. portfolio of repossessed homes. And it’s growing because the two mortgage companies operating under U.S. conservatorship aren’t finding buyers faster than new foreclosures come in.
So far, officials at Fannie Mae and Freddie Mac say, the two companies have been trying to stabilize neighborhoods by selling their massive inventory at prices that are close to market. With home seizures projected to increase this year, some housing analysts predict they may have to drop prices, with potentially far-reaching impacts on the real-estate market.
“The concern we have is less what Fannie and Freddie are showing at the moment as defaulted loans and more what’s in the shadow,” said Michael Feder, chief executive officer of Radar Logic, a real-estate data firm based in San Jose, California.
As the backlog swells and the Obama administration moves toward a complete revamp of the federal role in the housing market, pressure is growing on Fannie and Freddie to rethink their sales strategy for REO or real-estate-owned properties.
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Fannie is insane, or headed by insane people. Listen to the madness : ” We seize houses, then sell them”
The statement is completely crazy for many reasons. It completely ignores an ever increasing number of Americans who now need housing!! Overinflated prices and MERS fraud aren’t even being considered!!! The fact that servicers are profiting from foreclosures is a new level of crazy. Fannie’s behavior last Fall when robosigning exploded into the main stream media is beyond reproach.
Executives at Fannie Mae need some form of justice they had a hand in MERS, and both GSEs must die if they cannot be reformed to server the “publics” interest. It is insane that American taxpayers are being run over by Financial Tyranny, they have no choice apparently. We do not live in a Democracy!
One question. Who owns Fannie/Freddie? Shame on OUR Government for HO– USE STEALING from it’s own people and using Fannie/Freddie as the SCAPEGOATS then in turn Fannie/Freddie ARE HIDIDNG IN THE SHADOWS AND FORCING the Banks/Servicers to HO– USE STEAL for the U.S. GOVERNMENT. Our Government HAS TO KNOW about the FRAUD that has been committed here VIA THE BIGGEST PONZI SCHEME IN HISTORY RESULTING IN THE INTENTIONAL FINANCIAL COLLAPSE OF OUR ECONOMY AND THEN RESULTING IN FRAUDCLOSUREGATE. OUR HOMES ARE PAID FOR IN FULL AND THE GOVERNMENT HAS TO KNOW THIS THE FBI WARNED THEM ABOUT THE PONZI SCHEME IN 2004. THEY HAVE ALL MADE TRILLIONS OF DOLLARS OFF OF US AND NOW OUR GOVERNMENT IS JUST BEING GREEDY. They either want us to accept a NEW 40 YEAR DEBT IMPOSITION and make us all pay for our homes FOREVER VIA A FAKE LOAN MOD. or AGREE TO A DEED IN LIEU which is just another term for HO– USE STEALING. Or telling us to WALK AWAY from our PAID OFF HOMES so they may STEAL OUR HOMES OUTRIGHT. They are trying to tell us to go live in an apartment and pay rent and TRY TO SAVE OUR PENNIES TO BUY ANOTHER FRAUDULENT AND TERRIBLE INVESTMENT VIA OUR GOVERNMENT? OUR HOMES HAVE BEEN PAID FOR SINCE THE ORIGINATION OF THE LOANS BY US AND I HAVE THE PROOF. Our Government are the people who are behaving badly like some sort of a FASCIST, COMMUNIIST, TOTALITARIAN, OLIGARCHIST, KLEPTOCRACTIC REGIME and they are TERRORIZING THEIR PEOPLE. THIS IS NO LONGER A FREE AND OPEN DEMOCRATIC SOCIETY WHEN THE GOVERNMENT CAN STEAL YOUR HOME ILLEGALY.
OR FORCE a DEBT IMPOSITION ON THE STRUGGING HOMEOWNERS VIA A FAKE LOAN MOD TO FORCE US TO PAY FOR 40 YEARS FOR A DEBT THAT WE NO LONGER OWE TO COVER-UP FOR THE THEFT OF OUR WEALTH BY THE TOP 3%. THE U.S. GOVERNMENT A/K/A FANNIE/FREDDIE AND ALL OF THE BANKS AND SERVICERS AS WELL AS ALL OTHER “MORTGAGE BROKERS’. THEY ARE ONE GIANT CABAL OF ROBBER BARONS. THEY ROB FROM THE POOR AND GIVE IT TO THEMSELVES. THEY ARE ALL OUT OF CONTROL KLEPTOMANIACS AND TERRORIST OF THE AMERICAN PEOPLE AND THE AMERICAN DREAM.
THE BANKS are being FORCED by OUR OWN GOVERNMENT to give us LOAN MODS or FRAUDCLOSE and STEAL FROM THEIR OWN PEOPLE to cover-up for THE INTENTIONAL THEFT OF OUR WEALTH AND OUR JOBS which caused THE COMPLETE DESTRUCTION OF OUR ECONOMY. The POLICE an FIREMEN should know they STOLE THEIR PENSION MONEY and OUR 401K money and other RETIREMENT INVESTMENTS and now they want to STEAL OUR HOMES or IMPOSE A FALSE DEBT BURDEN ON ALL OF US and also HYPER-TAX US TO DEATH WHILE DEVALUEING OUR CURRENCY VIA THE FED AND THE TREASURY TO COVER IT UP. OUR HOMES ARE PAID FOR!!!!!.
I Vent, You should change to I rant and tell us how you really feel!