US Takeover of Fannie Mae and Freddie Mac and what it means to you

http://www.mnlakeplace We agree with you. There has been alot of money made over the last 8-10 years and greed took over and now we the tax payers are going to have to take on the burden of bailing out the greedy lending institutions. I have had deals with alot of the banks where they turned down alot of money in a short sale transaction to foreclose on a property and take 20% less than our clients offered the once they put it back on the market. I understand that mortgage insurance is part of it but when it is 100% financing they need to figure out something so we the tax payer dont have to take on so much debt. I dont think this bail out is going to change the financial sector anytime soon. just our thought. http://www.mnlakeplace.com

It's probably a good thing when banks hold the properties for so long. They have to pay the property taxes. It's like the banks giving back to the neighborhoods. Let the banks keep them for a few years.

By Janice Hathaway, Broker Associate Massachusetts

I have been listing and selling over 9 years, mostly in an economically depressed area which has been hit so severly by this banking crisis it is virtually putting everyone out of business including contractors; we have so many abandoned buildings, houses sitting empty and as one gentleman above mentioned, these properties that are either bank owned or pre-foreclosures due to hefty interest rates are falling more and more in value each and every day; and yet when a bonafide ready willing able buyer is in hand, they give us attitude, restrictive timeframes and abnormal guidelines, addendums, etc. to have to work with; what the hell...i see the market getting only worse; people aren't forced into buying bank owned properties but the banks are "forcing" them to accept "their" documents with no changes or else walk....i guess you call this working in the best interest of u.s. consumers. Hah. I think some of these mortgage companies and their riff raff originators who never had to be licensed should be in jail...it's one step from being criminal in my opinion to put people at such high risk to loose their homes in such a short period of time.