Tuesday, April 5, 2011

It's a Trick, A Cookie You Want to Believe In

Millions of people are in default of their home loans. Trillions of dollars are at risk if these homes foreclose. Nobody wins if everybody loses. Fannie Mae and Freddie Mac are now completely owned by the Federal Government. It makes up like 70% of all mortgages. LOL, you probably live in federal housing and don't know it. They contract out the processing of the mortgages to CitiMortgage and many other banks and mortgage companies; but, the debt is to the fed.

In order to manage the loans in default, the government created another company. I can't think of the name of it; but, courts are saying that this new company cannot foreclose because it doesn't have the proper paperwork. Now courts are saying that the mortgage companies have faulty paperwork AND THE COURTS ARE GIVING THE HOMES TO THE PEOPLE WITH NO NEED TO PAY.

It would be one thing if they let people out of their debts; but, letting them keep the house is insane. They had a mortgage and did take a debt, they should be required to pay some of it to keep the house. The cookie is immense if it is given out much more. Not gonna happen, instead Fannie and Freddie will refinance for a percentage of the original. It is a trick.

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