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Old 05-22-2009, 03:38 PM
Riick's Avatar
Riick Riick is offline
 
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Location: DuPont: "Better Living through Chemistry"
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Default Fannie HomeSaver Program Sees 70% Recidivism

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?"
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Old 05-22-2009, 04:48 PM
Randolph Kinney Randolph Kinney is offline
 
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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  
Old 05-22-2009, 05:50 PM
Bama Bayou Bama Bayou is offline
 
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State: Alabama
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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  
Old 05-22-2009, 07:33 PM
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Riick Riick is offline
 
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Quote:
.....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.
"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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