OfflineFreddie Mac’s losses increased in the third quarter, prompting a request for another $6 billion in aid to stay afloat. This is the largest request since April of 2010, with two reasons advanced for the poor performance:
1. Lower interest income due to refinances at historically low rates.
2. Failing and bankrupt mortgage insurers are not paying out as much money when homeowners default.
Rescued by the government in September 2008, Fannie Mae and Freddie Mac have so far received approximately $169 billion, and it is estimated that at least $51 billion more will be required to shore up these entities through 2014.
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to live in a dream world where you NEVER FAIL! Won't take long for reality to SMACK these agencies in the face.
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
The Fed will print up money out of thin air and loan it to them.
Freddie and Fannie are not approving short sales for homeowners... and then they ask for more money!?
if they weren't allowed to take away the houses from the homeowners, then Fannie and Fred wouldn't need to ask for all that aid...
it's a vicious circle between the banks, Fannie, Freddie, and the Fed... sickening!
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
These organization fail to help homeowners, yet seek help from others. Hey, wasn't there a story about them in the Bible where the man was forgiven by God, but still went to after those that owed him, Interesting.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
this kind of news just upsets me even more with our system. it is broken and needs to be fixed!!!!! i have a lot of friends in the investment business that are much smarter than me and they teach me new techniques and inform me of new programs, did you know that the mortgage insures pays out the lender for your mortgage note on the front end and when they foreclose on you, you have upto 3 years to claim your abandoned funds. this is a way for your to recover your loses just like the banks but they don't publicly tell you this because of greed........ its crazy whats happening in the market.