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FANNIE MAE SET TO COLLECT ON DEFICIENCY JUDGMENTS CAUSED BY STRATEGIC DEFAULTS.

July 3, 2010

 

This is just so scary. Lenn is so right, with the power of the feds behind them, people who chose to walk away from their homes because they felt they had no choice could end up with wage garnishments, etc. I feel a bit differently for those that walked because they decided it was in their best interest as their investment lost dollar value.

Thank you Lenn for a very good post.

 

Via Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:

Lenn Harley

HEY FANNIE MAE.  I HEAR YOU’RE PLANNING A COOKOUT FOR THE 4TH OF JULY.

GAMES FOR THE PARTY.  FANNIE MAE PLANS A TREASURE HUNT. 

Hey Fannie Mae!  I heard you’re COOKIN’ UP some new ways to bury the American home owner deeper into financial ruin.

YOU DID A PRETTY GOOD JOB WITH THAT “TARP” thing where you gave the investment banks, commercial banks and insurance companies about #2,000,000,000. 

Since you started this COOKOUTwhen you approved and purchased all of those sub-prime, Alt-A and other mortgage instruments that were securitized and sold by fat cat traders to fat cat investors on Wall Street  You know the guys, the ones that sold the securities backed by mortgages on American home owners’ property. 

Some other ideas to put some money in the treasury.  I know where you can collect a cool, $50,000,000.

Prosecute Franklin Raines for falsifying the Financial Reports for Fannie Mae to enhance his bonus income.  Of course when the gig was up, he walked away with a cool $50,000,000.  Mr. Raines is a known FOB, (Friend of Bill (Clinton).

Or. . . .

You might go after Christopher Dodd too for promoting sub-prime loans that were the Countrywide speciality while he got favorable interest rates from Countrywide as a “Friend of Angelo”. 

AMERICAN HOME OWNERS DON’T HAVE ANY FRIENDS IN HIGH PLACES.  They’re prime targets (pun intended).  Oh sure, the home owner is the easier target because, for starters, although they haven’t broken any laws, they won’t have the resources to fight you when you bring the power of the federal government down on them.  Collection will be easy, just assess, garnish and rake in the money.  You have the power.  Of course, the economy will be slowed that much more by taking a few million consumers out of the credit market, but shucks, isn’t that part of the plan???  To reduce the American consumer to a supplicant with no credit, no resources and no financial future. 

Another idea.  Why not give the collection job to your buddies at ACORN

 

Inspired by Richard Zaritsky’s post, BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS – FANNIE MAE POINTS THE WAY

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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