The Future of Fannie Mae and Freddie Mac

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We cannot blame this all on Fannie and Freddie.
These no down payment loans are the reason I have a home for my family. I was smart enough to get a home I could afford though, and did not listen to what the lender said I qualified for. I also refinanced to a 30 year fixed as soon as I could.
If it were not for Fannie and Freddie, I would still be living in a crappy apartment.

Lloyd Williams of CA 2:39PM July 28, 2012

I have PROOF that the Govt USDA Service Center did not follow any of the guidelines outlined in their own handbook for servicing loans by Rural Development home Loans. The USDA broke into my home, changed the locks at my home , while I was at work and without notice. I had a written agreement to avoid foreclosure by the USDA OUR GOVERNMENT and am told that the United States can breach whatever contract they write out if it is in their best interest. I am a victim of robomortgagekickemout process by the united states governemnt. I am posting all of the documents on youtube to show just how crooked the USDA, Fannie mae freddie mac sponsored loans are when it came to the fall of home owners between 2005 and 2008. The USDA refused payment from me for three straight months after agreeing not to foreclose. They even have it on recorded line when the USDA service line representative told me to send money right away if I sent as little as 800 dollars they would not foreclose. Two weeks later they returned my check and with a already written agreement to avoid foreclosure stated they could not accept the money because they had moved me to a foreclosure status. In less than 15 days it went from an agreement to a breach! Then two months alter when I filed my fedearl income tax and after the USDA refused my payments, they "elected" to keep my 2514, which would have caught me up would have stopped everything, but NO the USDA decided they would wait SIX months before even acknowleding they took my tax return and how it was applied. They have selected payments I guess, they can deny your payment for 3 months ,and then when the other FEDS get ahold of money they can elect to keep it. They then sent me a deal if I sold my home they would allow me to keep a portion of the funds and pay off my laon. My loan payoff was 115000.00. They refused my offer for someone to buy my home for 145000.00 stating that wasn't enough? Then turned aroudn and sold my home to the biggest slum lord in Iowa for 112000.00, yet my 145000 and the ability to seek affordable housing after this mess wasn't enough> They lost tax payers money including mine by refusing to first commit to their own damn contract agreemetn to avoid foreclosue and second when they refused 145000 deal to pay off a 115000.00 home. I am living on the streets thanks to the USDA and our Governemnt, so who do we thank here....Mr. Gingrich or do we thank Mr.Holder for his part in helping to coverup the USDA freddie mac fannie mae foreclosure scandals. Did you know that Freddie mac and fannie mae were caught with scamming the system in 2005-2008 and then they tell us citizens that oh well anyone with one of these loans you cant sue because they are part of the GOVERNTMENT ENTITY...Our united states goverenmtn is nothing but a bunch of legalized mobsters looking out for their own special intersest adn their own period. It isn't about the citizen anymore its about what they can take from us and get away with

LISA of IA 2:09PM July 18, 2012

the biggest crookedness organization we are forced to have to put up with. Freddie mac and fannie mae are scammers and part of the mortgage problem, how many millions got what was it embezzled and the govements ability to keep this all quiet? millions of dollars lost and all they could do is pay newt gingrich and start ROBOMORTGAGE practices to anyone who had a loan funded by fannie mae and freddit mac, which includes HUD.....USDA RURAL HOME LOANS..lets get a poll started how many people lost their homes between the start of the fannie mae freddie mac scandal in 2005 to 2008> HUH how many citizens lost their home because of false presented govt work out contracts where the left didn't know what the right was doing, yet the only people who were able to get compensated for thier loss and being victims of robokickemout process are those people who had "bank" funded loans" and its ok the USDA robomortgagekickemout process with fannie mae freddie mac funded loans as they did EXACTLY THE SAME THING AS THESE BANKS..but the govt and the fannie mae and freddie mac are UNTOUCHABLE..oh yeah and how did that NEWT GINGRICH wallk away with 2.5 million during a time of scandals at this place and he was running for president???....the USDA is GUILTY of the same thing as these banks!

Lisa of IA 2:14PM July 13, 2012

We our losing our home and we show everything needed to qualify for modification we have been trying for 28 months have sold everything, the bank has ruined our credit. Know we have nothing and will be on the street with our family this is what we get for working hard our whole lives and doing the write thing who is getting the help because we were told we are perfect for the program just to keep getting turned down by bofa.

Laurie P of CA 8:31PM February 12, 2012

EBANO- Not sure how you can blame the banks. Government holds the strongest power by establishing and enforcing laws. Basically the "rules" that banks need to abide by. And in our capitalist system, if one bank gives out risky mortgages(arms)they all need to just to keep up-or they will lose. The laws were changed in 2002..risky mortgages followed..after a few years the writing on the wall that it would end badly(books were written-warnings given)...no one stepped in to stop it...the bubble burst...gov't started paying banks & now homeowners back with our tax dollars. A classic cash grab after 9/11...price paid for 2 war fronts & added security.

Rich of NY 5:19PM February 12, 2012

I beleive Fannie and Freddie should restructure and lead the industry by requiring specific criteria and forced recourse on future loans in order to purchase and insure the markets loansare freaud free . The banking industry would be forced to supply safer loans and they would be held accountable in the event of default.Fannie and freddie should also set up a major rent to own or lease purchase programs for houses in default. I beleive that nationally people are looking for help and in turn fannie and freddie would be helping themselves by moving defaulted properties going to waste.

ken neil of GA 9:12PM December 21, 2011

One reason existing refinancing efforts have fallen far short of their goals is that Fannie and Freddie continue to charge homeowners high, risk-based fees up front to refinance their loans you can avoid this if you check your rates and fees at 123 Refinance before you sign

luiscarterz of TX 4:42AM December 15, 2011

The reality is that the big banks caused the worst financial crisis world wide.
FHFA sued 18 financial institutions on behalf of Fannie and Freddie for the sale of a $200 billion portfolio of MBS with fraudulent information, that is, the banks committed fraud selling subprime securities as prime.
You can't rewrite history, that's a reckless endangerment.

Ebano of CT 11:31AM December 14, 2011