Posted on 07/23/2008 9:57:49 AM PDT by Kozman
Fannie Mae acquired twice as many homes through foreclosure in the first quarter as it sold, regulatory filings show. ... Late payments on the company's home loans, a harbinger of foreclosures, almost doubled in the past year.
Together, Fannie Mae and Freddie Mac, the two biggest U.S. mortgage finance companies, owned a record $6.9 billion of forelosed homes on March 31, compared with $8.56 billion held by all 8,500 U.S. commercial banks and savings and loans...
(Excerpt) Read more at economicpolicyjournal.com ...
http://money.cnn.com/2008/07/18/news/newsmakers/Freddiemac_CEO.ap/?postversion=2008071816
Freddie Mac CEO paid almost $20M last year
Richard Syron could take home another $20 million in stock awards this year.
Fannie, Freddie shares rise on bailout plan
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Sorry the pic changed the layout in my first post.
The bailout bill to bail out Fannie, Freddie and the homeowners is currently up for a vote in the House this afternoon and will be hitting the Senate sometime near the end of this week.
There is still time to call your reps and ask them to vote NO!
And the White House has withdrawn it’s veto threat, so call Bush too and ask him to reconsider!
LQ
So, in other words, there are about 95 thousand foreclosed homes in the US and about 95 million unforeclosed homes.
oil execs get paid lots of money to run a successful business - and are hauled before congress to be humiliated by congressmen that have never run a business
democrats are idiots
Re: seems all these fannie mae execs are being paid lots of money to screw up - and we get to pay the bills while they escape unscathed
Good, so it’s not just me who thinks that.
“So, in other words, there are about 95 thousand foreclosed homes in the US and about 95 million unforeclosed homes.”
$6.9 bills sounds like a lot until you put it in context - fred and fan own $5.3 TRILLION in mortgages, so 6.9 bills is slightly more than one tenth of one percent!!!
Also the houses in foreclosure will eventually sell, maybe not for 6.9 billions, perhaps 5 billion, making the problem smaller still.
A lot of prime ARMS haven’t reset yet and and “prime” isn’t what it should be because of the lending standards of the last 5 years.
There is a LOT more coming and we’re going to be footing the bill for it.
LQ
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