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Fannie HomeSaver Program Sees 70% Recidivism

Discussion in 'General Real Estate and Real Estate Finance' started by Riick, May 22, 2009.

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  1. Riick

    Riick Elite Member

    19
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    A program aimed at helping delinquent borrowers become current once more on their mortgages will likely see decreased volume.
    The Federal Housing Finance Agency (FHFA) noted a significant majority of participants soon redefaulted after receiving aid.

    LINK

    "I'm Shocked!
    Shocked I tell you.
    WHO would have thought somthing like this would ever happen?"

    "Gee, maybe they earned that 460 FiCO score?"
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    32
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The only good thing about these programs is that the lenders and holders of the mortgages have to write them down again, ... and again ... again ...
     
  3. Bama Bayou

    Bama Bayou Senior Member

    0
    Oct 19, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Alabama
    FNMA and the taxpayers are being played for suckers. People get into these feel good foreclosure prevention programs with no intention of ever making the first payment. They are just trying to get another six to twelve months of mortgage/rent free living. They gamed the system to get into the house and when the market turned sour they game it again.
     
  4. Riick

    Riick Elite Member

    19
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    "WHO could have thought anyone would DO such a thing??
    "I'm Shocked!
    "Shocked I tell you."
    Lyndon Baines Johnson, architect of "The Great Society", is turning over in his grave.
     
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