Candace Evans' Blog
530 viewsUS Takeover of Fannie Mae and Freddie Mac and what it means to you
The US has decided to take control of Fannie and Freddie. So what does this mean to the home sellers and home buyers? Well, first of all, after all the secrecy, these giants will become far more transparent in the manner in which they do business than they ever have before. They will be headed by former vice chairs of US Bancorp and Merrill Lynch, which hopefully, will be a step in the right direction, but I doubt it. Seems we are caught between a rock (buyers who had nothing to do with the free lending ways of banks are not able to get loans) and a hard place (bailing out Freddie and Fannie will create an undesirable tax burden on Americans). Why did it have to come to this?
Some people made a ton of money off of the speculators in the housing market. I know it wasn't me, and I'll bet it wasn't you, either, Yet, these people who gambled expect you and I to dig them out. I don't know about you, but something about paying for other peoples' greed just doesn't sit well with me.
Fair Housing and Equal Opportunity
Comments
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.