Fannie Mae-No Politics (FNMA)

[micar]

WISEMAN your synopsis certainly has merit however, I was with you until you said you indicated loan modifications are possible if you are current on your mgt NOT TRUE. Obviously, if you are current on mgt payments you can't justify the need for relief. Further, the only way one could get a loan modification or short sale was first. The homeowner must demonstrate he or she has a hardship and be delinquent for a file to be opened. The caveat was if you had a 2nd mgt and were upside down on the 1st note. Then if you had the right knowledge you justify reducing or eliminating the 2nd loan. Finally, "Stated financing" courtesy of your gov't, was the catalyst and interest-only loans were the accelerant that caused homeowners to be upside down and ultimately lose their homes in the first place. When you can buy a home without needing to prove you can afford the pymt and the loan officer tells you "just refi" prior to the loan reset you'll be fine. Then a market correction the likes we have never seen happens. Now you have no EXIT compounded by the fact your mgt pymt will double or triple as the loan reset occurs. Thus the birth of loan mods and short sales. Your Welcome