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Home › Forums › Housing › Losses from Fannie Mae, Freddie Mac seizures may near $400 billion

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  • September 16, 2010 at 6:29 PM #17960
    Arraya
    Participant

    http://www.latimes.com/business/la-fi-fannie-freddie-20100916,0,6603010.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fmostviewed+%28L.A.+Times+-+Most+Viewed+Stories%29
    Federal Housing Finance Agency is seeking billions in repayment from banks that sold bad loans to the mortgage giants to help offset taxpayer losses, but some financial institutions are balking.

    Reporting from Washington — Taxpayer losses from the government seizure of failed housing finance giants Fannie Mae and Freddie Mac could reach nearly $400 billion, but likely won’t top that level as some had feared, the firms’ federal regulator said Wednesday.

    To offset some losses, the Federal Housing Finance Agency is seeking billions of dollars in repayment from banks that sold bad loans to the firms, acting director Edward J. DeMarco said.

    Some banks are balking, and the agency is considering tougher action, DeMarco said. But he did not specify what steps might be taken.

    September 16, 2010 at 8:20 PM #605573
    bearishgurl
    Participant

    duh!! Fannie and Freddie have the most incompetent contractors I’ve ever seen (and I’ve been around more than a “little while” . . . lol) to attempt to effect a successful “short sale” or “deed in lieu” and eventually get a property off their books . . . Not only are these folks often 3000 miles away from the “action,” they couldn’t locate a (new/latent/secondary purchaser) second trust-deed holder (for a cursory sign-off) to save their souls. ‘Nuff said. Incompetence has got them where they are today and its no wonder why their “contracted personnel” can’t find their way to the restroom without assistance . . . lol! (This comment comes from a well-informed observer.) It is what it is.

    September 16, 2010 at 8:20 PM #605660
    bearishgurl
    Participant

    duh!! Fannie and Freddie have the most incompetent contractors I’ve ever seen (and I’ve been around more than a “little while” . . . lol) to attempt to effect a successful “short sale” or “deed in lieu” and eventually get a property off their books . . . Not only are these folks often 3000 miles away from the “action,” they couldn’t locate a (new/latent/secondary purchaser) second trust-deed holder (for a cursory sign-off) to save their souls. ‘Nuff said. Incompetence has got them where they are today and its no wonder why their “contracted personnel” can’t find their way to the restroom without assistance . . . lol! (This comment comes from a well-informed observer.) It is what it is.

    September 16, 2010 at 8:20 PM #606212
    bearishgurl
    Participant

    duh!! Fannie and Freddie have the most incompetent contractors I’ve ever seen (and I’ve been around more than a “little while” . . . lol) to attempt to effect a successful “short sale” or “deed in lieu” and eventually get a property off their books . . . Not only are these folks often 3000 miles away from the “action,” they couldn’t locate a (new/latent/secondary purchaser) second trust-deed holder (for a cursory sign-off) to save their souls. ‘Nuff said. Incompetence has got them where they are today and its no wonder why their “contracted personnel” can’t find their way to the restroom without assistance . . . lol! (This comment comes from a well-informed observer.) It is what it is.

    September 16, 2010 at 8:20 PM #606319
    bearishgurl
    Participant

    duh!! Fannie and Freddie have the most incompetent contractors I’ve ever seen (and I’ve been around more than a “little while” . . . lol) to attempt to effect a successful “short sale” or “deed in lieu” and eventually get a property off their books . . . Not only are these folks often 3000 miles away from the “action,” they couldn’t locate a (new/latent/secondary purchaser) second trust-deed holder (for a cursory sign-off) to save their souls. ‘Nuff said. Incompetence has got them where they are today and its no wonder why their “contracted personnel” can’t find their way to the restroom without assistance . . . lol! (This comment comes from a well-informed observer.) It is what it is.

    September 16, 2010 at 8:20 PM #606638
    bearishgurl
    Participant

    duh!! Fannie and Freddie have the most incompetent contractors I’ve ever seen (and I’ve been around more than a “little while” . . . lol) to attempt to effect a successful “short sale” or “deed in lieu” and eventually get a property off their books . . . Not only are these folks often 3000 miles away from the “action,” they couldn’t locate a (new/latent/secondary purchaser) second trust-deed holder (for a cursory sign-off) to save their souls. ‘Nuff said. Incompetence has got them where they are today and its no wonder why their “contracted personnel” can’t find their way to the restroom without assistance . . . lol! (This comment comes from a well-informed observer.) It is what it is.

    September 16, 2010 at 10:02 PM #605628
    CA renter
    Participant

    Loses at the GSEs? You must be kidding!

    /sarcasm

    Seriously, I think it’s going to be well over $400 billion. This past year has seen a new wave of future FBs because the govt kept prices artificially inflated. What happens when this batch is underwater on their houses? The govt has set a precedent, and now everyone will expect to either be bailed out, or they will walk. Welcome to the new mortgage market.

    September 16, 2010 at 10:02 PM #605715
    CA renter
    Participant

    Loses at the GSEs? You must be kidding!

    /sarcasm

    Seriously, I think it’s going to be well over $400 billion. This past year has seen a new wave of future FBs because the govt kept prices artificially inflated. What happens when this batch is underwater on their houses? The govt has set a precedent, and now everyone will expect to either be bailed out, or they will walk. Welcome to the new mortgage market.

    September 16, 2010 at 10:02 PM #606267
    CA renter
    Participant

    Loses at the GSEs? You must be kidding!

    /sarcasm

    Seriously, I think it’s going to be well over $400 billion. This past year has seen a new wave of future FBs because the govt kept prices artificially inflated. What happens when this batch is underwater on their houses? The govt has set a precedent, and now everyone will expect to either be bailed out, or they will walk. Welcome to the new mortgage market.

    September 16, 2010 at 10:02 PM #606374
    CA renter
    Participant

    Loses at the GSEs? You must be kidding!

    /sarcasm

    Seriously, I think it’s going to be well over $400 billion. This past year has seen a new wave of future FBs because the govt kept prices artificially inflated. What happens when this batch is underwater on their houses? The govt has set a precedent, and now everyone will expect to either be bailed out, or they will walk. Welcome to the new mortgage market.

    September 16, 2010 at 10:02 PM #606694
    CA renter
    Participant

    Loses at the GSEs? You must be kidding!

    /sarcasm

    Seriously, I think it’s going to be well over $400 billion. This past year has seen a new wave of future FBs because the govt kept prices artificially inflated. What happens when this batch is underwater on their houses? The govt has set a precedent, and now everyone will expect to either be bailed out, or they will walk. Welcome to the new mortgage market.

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