Monday, April 27, 2009

Fannae fakes housing recovery

Fannie Mae Creates Housing Mirage With Bum Loans

Faced with growing numbers of homeowners unable to make mortgage payments, Fannie decided to fund loans to borrowers that were instant losers. The point was to buy time. Even though those loans resulted in a $453 million loss, they helped keep troubled homeowners from defaulting. That meant Fannie for now didn’t have to make good on loan guarantees that may have cost it as much as $2.4 billion.

Posted by brite2006 @ 10:41 AM (652 views)
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