Fannie Mae and Freddie Mac: Generous with Our Money

New program offered by Fannie Mae and Freddie Mac offers an option to homeowners, but once again at the expense of the taxpayer.

Although I have been following this story for a while, it is now going to be reality starting in March. Here is the deal, if you have a mortgage owned by Fannie or Freddie, current on the mortgage payments, under certain circumstances, you can walk away from the debt and once again, the taxpayer picks up the tab.

According to the article mentioned below, the folks that qualify are those with illnesses (I DON'T FEEL SO GOOD), job changes and other reasons. I can't even imagine what other reasons could be. Maybe, they just don't like their neighbor. I wonder if that will qualify as an "other reason?" What an unbelievable reason to expand short sales. 

I thought we were going to focus on lowering our National debt. I guess, one positive ... home inventory will improve this spring. 

Click here for full article: Fannie to Let On-Time Borrowers Walk Away From Homes

By: Bloomberg News

"Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money."

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

REVMAN February 16, 2013 at 01:52 PM
Joe -- How can you trust someone who signed a legal contract then walked away??That's what's wrong with this generation I have bought many things with just a hand shake.


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