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New 1004

George, you’re going to have enough material to write a book after this is all said & done…
 
The GSC's are not supposed to LOSE money every year, But they do. (1999-2023) so far. Why? We taxpayers end up on the hook as usual. I feel sorry for the uniformed public.
 
Tom D said:
Lender's staff reviewers don't read the report. They do a word search if trying to find something. The most interesting part is they have full access to CU.
CU has a lot of layers, of different info, that you can look at. Big secrete for fannie to not let us have it also. Hey surgeon, you can do the surgery, but no cat scan to look at.
Another group of elite idiots not understanding business.
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well, they don't read it now
 
J Grant said:
I meant it as if the GSE loan lenders owned their own money; then they could "go Wylde," and be reckless with it.

They are not lending their own money, yet they are acting more and more reckless with valuations- that was my point.

Banks/lenders using their own money are either far prudent with the process , or their loan terms are more onerous - larger % down, short-term finance, balloon payment due, etc.
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Good point, but without the GSE's the real estate industry as a whole would be in the toilet. Homeownership did not become prevalent until F/F came about. Not saying they are all sunlight and roses just pointing that little factoid. They are making $$ hand over fist right now. Fannie Mae reported $3.9 billion in net income, for 4th quarter 2023. Not sure what to think about that.
 
Fritz in NY said:
The GSC's are not supposed to LOSE money every year, But they do. (1999-2023) so far. Why? We taxpayers end up on the hook as usual. I feel sorry for the uniformed public.
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Oh no, they might still be in conservatorship, but they are raking in the $$. FNMA reported 77.7 billion net worth at the end of 2023, with 3.9 billion net income for Q4 of 2023.Those are net not gross figures. Freddie reported net income of 10.9 billion for 2023 with 2.9 billion net income for Q4 2023. Again net numbers. Not broke at all. Not losing money at all. They are doing just fine.
 
They are in conservatorship because the government gets to keep the profit. It was supposed to end when the original bailout loan was paid back.

Yea right, the governnent is like inviting the mob in for a temporary loan.
 
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