Fannie Mae lax rules

[jpinpb]

“Fannie Mae will require a minimum score of 580 for most loans, adding it will still acquire loans with lower credit scores in certain circumstances.

Credit scores generally range between 300 and 850 and are used by lenders to predict a borrower’s ability to pay on time.

Mortgages with credit scores below 620 made up less than 6 percent of Fannie Mae’s conventional single-family business volume in 2007, according to the company’s annual report. It didn’t provide further breakdown in the report.”

Full story:
http://biz.yahoo.com/rb/080402/fanniemae_lending.html?.v=patrick.net

[hipmatt]

“we will also accept applicants who may have had earlier forecloses, and may not be able to document their income. We feel that the new tax credit proposed by congress will help these new applicants afford to own a home again. As time goes on, the government will guarantee more of these loans, taking the risk out of our picture.”
… why don’t they just say that

[hipmatt]

“we will also accept applicants who may have had earlier forecloses, and may not be able to document their income. We feel that the new tax credit proposed by congress will help these new applicants afford to own a home again. As time goes on, the government will guarantee more of these loans, taking the risk out of our picture.”
… why don’t they just say that

[hipmatt]

“we will also accept applicants who may have had earlier forecloses, and may not be able to document their income. We feel that the new tax credit proposed by congress will help these new applicants afford to own a home again. As time goes on, the government will guarantee more of these loans, taking the risk out of our picture.”
… why don’t they just say that

[hipmatt]

“we will also accept applicants who may have had earlier forecloses, and may not be able to document their income. We feel that the new tax credit proposed by congress will help these new applicants afford to own a home again. As time goes on, the government will guarantee more of these loans, taking the risk out of our picture.”
… why don’t they just say that

[hipmatt]

“we will also accept applicants who may have had earlier forecloses, and may not be able to document their income. We feel that the new tax credit proposed by congress will help these new applicants afford to own a home again. As time goes on, the government will guarantee more of these loans, taking the risk out of our picture.”
… why don’t they just say that

[jpinpb]

I feel like giving up right now. After reading that, WTF. Is no one, not even the government, thinking about the future?

[jpinpb]

I feel like giving up right now. After reading that, WTF. Is no one, not even the government, thinking about the future?

[jpinpb]

I feel like giving up right now. After reading that, WTF. Is no one, not even the government, thinking about the future?

[jpinpb]

I feel like giving up right now. After reading that, WTF. Is no one, not even the government, thinking about the future?

[jpinpb]

I feel like giving up right now. After reading that, WTF. Is no one, not even the government, thinking about the future?

[cr]

Nope.

They’re doing everything they possibly can to avoid widespread panic, riots, revolts, uprising, strikes etc., but they’re not thinking.

It’s impulsive and reckless. The more they shortchange future generations the longer and more painful the recession and housing deflationary periods will be. All they are doing is attempting to save people by spending money we don’t have, to keep them in houses they can’t afford.

Even if it works for every single person facing foreclosure, prices will be artificially high and price out new buyers for even longer. Then when the baby boomers start to retire/pass on a new flood of real estate will hit the markets. If prices are still too high retirees will be screwed too as their nesteggs sit and depreciate.

[cr]

Nope.

They’re doing everything they possibly can to avoid widespread panic, riots, revolts, uprising, strikes etc., but they’re not thinking.

It’s impulsive and reckless. The more they shortchange future generations the longer and more painful the recession and housing deflationary periods will be. All they are doing is attempting to save people by spending money we don’t have, to keep them in houses they can’t afford.

Even if it works for every single person facing foreclosure, prices will be artificially high and price out new buyers for even longer. Then when the baby boomers start to retire/pass on a new flood of real estate will hit the markets. If prices are still too high retirees will be screwed too as their nesteggs sit and depreciate.

[cr]

Nope.

They’re doing everything they possibly can to avoid widespread panic, riots, revolts, uprising, strikes etc., but they’re not thinking.

It’s impulsive and reckless. The more they shortchange future generations the longer and more painful the recession and housing deflationary periods will be. All they are doing is attempting to save people by spending money we don’t have, to keep them in houses they can’t afford.

Even if it works for every single person facing foreclosure, prices will be artificially high and price out new buyers for even longer. Then when the baby boomers start to retire/pass on a new flood of real estate will hit the markets. If prices are still too high retirees will be screwed too as their nesteggs sit and depreciate.

[cr]

Nope.

They’re doing everything they possibly can to avoid widespread panic, riots, revolts, uprising, strikes etc., but they’re not thinking.

It’s impulsive and reckless. The more they shortchange future generations the longer and more painful the recession and housing deflationary periods will be. All they are doing is attempting to save people by spending money we don’t have, to keep them in houses they can’t afford.

Even if it works for every single person facing foreclosure, prices will be artificially high and price out new buyers for even longer. Then when the baby boomers start to retire/pass on a new flood of real estate will hit the markets. If prices are still too high retirees will be screwed too as their nesteggs sit and depreciate.

[Author]

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