Now that the government controls the GSEs (Fannie Mae and Freddie Mac with their $6 Trillion dollar mortgage portfolios, they could freeze all foreclosure actions dead in their tracks. That is exactly what a group of Senators including Bob Casey, Charles Schemer, Robert Menendez, and Sherrod Brown asked the new GSE conservator, FHFA Chief, James Lockhart to do.
AP reports it this way,
“The senators — Sherrod Brown of Ohio, Bob Casey of Pennsylvania, Bob Menendez of New Jersey and Charles Schumer of New York — wrote that the companies should “take whatever actions are necessary” so more families “do not have to suffer the economic and personal disaster of foreclosure.”
Is Freezing Foreclosures a Good Idea?
Now that the government is on the hook for most of the bad loans, if freezing foreclosures could stabilize the real estate market allowing for banks and borrowers to have more confidence in real estate values, […]
Original post by Rob K. Blake and software by Elliott Back
Real Estate Flipping Lease With Option