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OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!
Last Post Nov 10, 2009 6:24 AM by: brit-megs-closet
Replies: 202
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byejunke
Posts: 17,946

OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 5, 2009 4:07 PM
This is ridiculous. If a mortgage backed by Fannie Mae goes into florclosure and the borrower doesn't qualify for a refinance they're going to do a Lease for Deed deal and rent the house to the homeowners at market rates?

Are they insane? There are so many houses upside down on their loans, the houses aren't worth what is owed, and if they haven't been paying the mortgage they probably haven't been doing maintanance, either.

So now, Fannie Mae is going to become a landlord and take on the expense/beuraucracy of satifsying the loan, the property taxes, insurance, maintainance and God knows what else?

I repeat, are they insane?

Sure, they're ostensibly tyring to keep the stigma and resulting price drops of forclosures out of neighborhoods, but I personally am PO'ed that in the end it's all of us who will pay for this new fiasco instead of the ones who bought at the wrong time.

Read here...

Link


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sweet-36
Posts: 19,090
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 5, 2009 4:39 PM
Whose stupid idea was this at Fannie Mae?!

It was part of the Jan 2009 stimulus. I won't say who's idea.

And so therein lies the proof that Darwin was correct. ~Aunt Ava
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kidscloz4u
Posts: 7,316
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 5, 2009 5:34 PM
His name is Barney Frank and the good folks of MA have made him politician for life.
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sweet_desires
Posts: 5,257
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 5, 2009 8:18 PM
This may end up being a good thing.

Fannie Mae could end up minimizing loss. Rather than selling the house in a short sale or auction, which will only contribute to the depreciation spiral in neighborhoods, they may be able to help stabilize prices.

Not sure yet, it's definitely interesting and would like to read more about it.

but I personally am PO'ed that in the end it's all of us who will pay for this new fiasco instead of the ones who bought at the wrong time.

With all due respect, what makes this issue so much different than other accountability issues? A lot of us do pay for other peoples poor choices. And when someone brings it to the boards...well, let's just say it's generally a tw.

___________

Ria
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byejunke
Posts: 17,946
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 5, 2009 9:48 PM
Once upon a time if you were forclosed upon and the bank had to take a loss on the sale at least the borrower got a tax liability for the amount of the loss... it was after all a gain to the borrower/a loss to the bank.

Now they're almost encouraging people to go for it. Why pay your 1600 mortgage if you can perhaps rent the place for 1000 and be rid of your upsidedown loan?

And as for forclosures causing prices to fall right now, I do believe they should fall. The increases during the housing bubble were spectacular, the fall should be similar until it's in balance/sane again. The only conceivable way home prices would stay steady or increase now is if hyperinflation kicks in, whick would really not be a positive thing.


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bambini4u
Posts: 8,834
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 5, 2009 10:25 PM
in some areas, market rate rents are much higher than mortgages (well, depends on when you got it, but still)
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tomboy*in*a*tutu
Posts: 470
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 6:22 AM
I don't see how this is going to work. Most that are being foreclosed on lost their jobs, so they can't afford the let's say $1600 a month mortgage. More than likely they wouldn't even be able to afford it if it were $1000 a month. They may only be getting a $1000 a month in unemployment to cover all their bills. Just another waste of money.
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kidscloz4u
Posts: 7,316
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 6:52 AM
I am interested to see how many people who participated in Cash for Clunkers are going to default on their car loans. I wonder if in a year from now we are going to start hearing...."we can't possible allow their car to get repossessed. We must pay their loan so they can get to work and take their sick child to the doctor. After all it is just a temporary hand up."

Oh another thing to think about with this Fannie program is that people with the new cars will pay for their car and not their mortgage because they can get their mortgage adjusted. Yeh a new car and I get to stay in my house(that I had no business buying in the first place)!
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bambini4u
Posts: 8,834
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 7:42 AM
was it poor folks who were behind that used cash for clunkers? WHere are you getting your data for that?
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kidscloz4u
Posts: 7,316
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 8:17 AM
was it poor folks who were behind that used cash for clunkers? WHere are you getting your data for that?

Poor people???...maybe not but the fact was that lots of people decided to turn in a paid off car to get a brand new one. So in turn, lots of people who were only paying maintenance on a used car and lower insurance now have a car payment for 3-4 yr plus higher insurance rates. Maybe some people can handle adding another $200-$400 a month to their family budgets but I can only imagine that it will be the undoing of a lot of family budgets.
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kidscloz4u
Posts: 7,316
(10 of 202)

Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 8:22 AM
Funny little factoid in the whole "cash for clunkers" debacle was that the most common trade in was an old pickup truck for a NEW pickup truck.


The AP explains, “Billed as a way for the government to put more fuel-efficient vehicles on highways, the popular $3 billion Cash for Clunkers program mostly involved swaps of old Ford or Chevrolet pickups for new ones that got only marginally better gas mileage.”

The single most common swap? “Trading an old Ford F-150 pickup truck for a new F-150 pickup,” according to Kicking Tires. “More than 8,000 of these swaps took place under the program, which lead to fuel-economy gains of 1-2 mpgs.”

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bambini4u
Posts: 8,834
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 8:24 AM
okay, so the government encouraged people to get in debt for cars to stimulate the economy, or help the environment, or whatever. That's understood.
What I don't get is how you jump to conclusions and make blanket statements- and fret about it.
I don't see how this is any different than families I know who get all the breaks on tuition/special programs because they are low income, yet their kids have braces and they own three new cars. I don't know how they do it? but it's more debt than I would feel comfortable with. Do I assume I'll have to bail them out if they can't make their mortgage/car payments? no.
That's the leap you are taking without having facts in hand.
I mean, if you had bad credit, and/or are unemployed or over leveraged with your mortgage, was it still easy to get into a car loan during the program length? Those numbers/facts would be interesting to consider.
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bambini4u
Posts: 8,834
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Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 8:25 AM
as for the truck comparison- there were rules about that and I don't think 3 mpg difference merited any grants. look it up.
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kidscloz4u
Posts: 7,316
(13 of 202)

Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 8:43 AM
Do I assume I'll have to bail them out if they can't make their mortgage/car payments? no.
That's the leap you are taking without having facts in hand.

I am not making an leaps...taxpayers have already had to bail them out. It is estimated by Edmunds.com that the actually Cost of Cash for Clunkers to taxpayers was $24,000 per car.

Edmunds.com, the premier resource for online automotive information, has determined that Cash for Clunkers cost taxpayers $24,000 per vehicle sold.
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kidscloz4u
Posts: 7,316
(14 of 202)

Re: OT: Forclosures.. Whose stupid idea was this at Fannie Mae?!

Nov 6, 2009 8:45 AM
Do I assume I'll have to bail them out if they can't make their mortgage/car payments? no.
That's the leap you are taking without having facts in hand.


Oh and BTW you are already bailing them out if you pay federal income tax.
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