We all are wondering what is going on with the frozen REO stock and the wave of work that could be coming our way. I just read a staggering number on Yahoo about Freddie Mac.. they saidThe results were driven by $8.8 billion in credit losses due to soaring delinquency rates and falling home prices, and $7.1 billion in writedowns of the value of its mortgage-backed securities. More than $63 billion of Freddie Mac's loans were either 90 days overdue or in foreclosure at the end of March, nearly triple year-ago levels.I am wondering who is going to be in charge of those assets. Do you think they will leave them to Freddie Mac or will the FDIC come to the rescue. Fannie and Freddie do not have the staff to do this and would congress allow them to sign on that many asset managers now they are owned by the Gov. This is very interesting as the numbers start to hit the street and we know there is no Toxic Asset Program announced and in place.I for one can see real problems down the road if we do not address this as a Country soon. Note that number of loans that is late 63 Billions that is the big B...
You need to be a member of REO Pro Network to add comments!
If anything good out of all this, the delay in putting these houses on the market may be helping Congress and the State Govt.'s to get their act together with programs to help buyers purchase homes again. As long as who ever is holding these homes realeases them in manageable batchs and not all at once, this will help maintain property values. But if they release all these houses at once it could crash the entire housing market, value wise, even more then what we have seen to date.
Buyers are finally starting to come back, we do not need something like this to scare the few buyers we have now into waiting longer to purchase!
But yes, those numbers are amazing! Just think of it as job security! ;-)
Replies
Buyers are finally starting to come back, we do not need something like this to scare the few buyers we have now into waiting longer to purchase!
But yes, those numbers are amazing! Just think of it as job security! ;-)