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June 27th, 2010
06:25 AM ET
Fannie Mae Cracks Down
Last week, major lender Fannie Mae announced last week it plans to pursue judgements against some people who walk away from their home loans. Financial analyst Clyde Anderson explains.
Look for Clyde Anderson's Home School segments in the 7 o'clock hour of CNN Saturday Morning with TJ Holmes.
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Isn't that some thing. Large loan companies borrow money from the government / the people,
then treat people like dead beats when they loose their ability to pay their loans. What happened to compassion & understanding? It's better for people to walk away willingly from home, than to have to file legal papers to get people out filed. That's just extra legal papers cost.
Since they are the one's who created the mess, then they better file 'Felony' charges against themselves and the manager who walked away with $90M for his fraud. They had better have a clear legible copy of the certified check for the full purchase amount that was given to each and every loan applicant. A promise to pay contract that isn't signed by the lender is worthless and meaningless. A loan is void when there is no deposited check or funds for the full loan amount.
It sounds like Fannie Mae thinks the bailouts are over and is now looking at trying to recoup from the buyers of the homes. Is the plan to now verifying a person's ability to pay for a home after the deal is closed and the deed has changed hands and the seller has been paid the money. What a bright idea.Iit doesn't matter that the value of a home drops on the market after purchased. That home is still the house purchased. The payments are still the same and maybe less if refinanced. Walking away is dumping the burden onto your neighbors and the country. Holding onto the house you keep a place to live, save your credit rating and help yourself and the country. That is if you could have afffored the house in the first place and still have a job. One of the answers to this crisis is jobs.
This policy is long overdue. My belief is that most people that I know are more than willing to show consideration, flexibility, and compassion to individuals who have experienced true, out of their control, hardship leading to a true inability to pay their mortgage obligations. My neighborhood is a good example of several buyers moving out (1/4 of the time trashing the inside) of an underwater home, and in some cases, buying the same model in the same neighborhood, avoiding the underwater situation. I live across the street from this exact situation. I take that back....moved out of the underwater home and purchased a larger, originally more expensive hom, down the street. Fannie Mae has every right and absolutely should hold these buyer's accountable. Going after the abusers will allow more compassion to be shown to those truly deserving.