Things don’t seem to get any better. Remember Fannie selling foreclosures for $200 A POP? Well now it seems they’re selling what we call it in the Commercial RE world as “REO Tapes” of homes to V.I.P Buyers.
Mark Stopa-
For reasons that should quickly become apparent, this is the most important blog I’ve ever written. Ever. I’m so angry that it’s difficult to write coherently, but I’ll do my best. …
I’ve often expressed my disgust at how Fannie Mae and Freddie Mac frequently pay banks 100% of their judgment amounts in foreclosure cases. It’s an appalling dynamic in foreclosure-world, one where banks often have no incentive to modify mortgages because “our” government will pay the banks in full once the foreclosure is over (and all the banks have to do is convey title to Fannie and Freddie). Incredibly, just when I thought I couldn’t be any more appalled, somehow, my disgust with this dynamic … with “our” government … reached a new level today.
I have it on good information (directly from someone personally involved) that Fannie and Freddie are selling foreclosed homes in bulk to third-party investors.…