Replies to post #7758 on Fannie Mae-No Politics (FNMA)

[mypenneys]

I beleive you are wrong once it goes to foreclosure the home owner can not bid on his property. End of story been to a foreclosure I was interested in a certain house because I new who the owner was. I did not bid on the house it went for 71 thousand plus back taxes. The new owner sold it a year later for 125 thousand it was a 200 thousand dollar house. I helped build it.

[rekcusdo]

I didn't say only the rich would get real estate. I said that only the rich would be able to procure loans. To most first time home buyers, "bidding at an auction" for cash is not possible and loans are the only way to buy a home...and I did say that first time home buyers would lessen with less availability of loans.

So...to focus primarily on home sales, the only people who would get homes are the rich and those that can buy it for cash or at least mostly cash. A huge reduction in numbers.

I'm glad you live in this wonderful world where anyone can afford to pay cash for a house...I, unfortunately, live in reality.