Posts Tagged ‘Fannie Mae’

Possible August Surprise, National Bank of Obama May Be Opening New Division

August 5, 2010

Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth.

An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.

Theortically homeowners who drained equity from their home for vacations, cars, college tuition, and home remodels could have debt forgiven..

 

 

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Superman Kicks Fannie Mae’s Ass, Saved Foreclosure Faster Than A Car Company Bailout

August 3, 2010
ABC reports that the family, who wished to remain anonymous, were packing up for foreclosure on their home in the South — where they have lived since the 1950′s — when they came across a stash of “old magazines” and “old comic books”, according to Asylum. They contacted Stephen Fishler, co-owner of New York’s ComicConnect, to see what they could pawn.

Fishler told Asylum, “They came across what appears to be an Action #1.” Dubious at first, given that 99.9% of such calls were bogus, he realized it was the real deal when the couple texted him a photo.

Fishler took the copy to Comic-con last week for a valuation. It received a “Very Good” status with 5/10 points. It is expected to fetch at least $250,000 through an auction on ComicConnect’s website on August 27th.

“My partner basically had to explain to the bank, ‘You’ll have your money soon,’” ComicConnect co-owner Vincent ZurzoloZurzolo told ABC News. “We sent them information about our previous sales and what this could realize.”

Superman’s pre-DC Comics Action Comics #1 has been a valuable commodity this year. In March, Fishler and Zurzolo brokered the record-breaking sale of $1.5 million for a copy, preceded by a $1 million sale in February (which, notably, kicked Batman’s butt). Bam!

 Superman bails out a house but  wrecks a GM car…

Expiration of New Home Tax Credit Not To Impact Bubba Markets

May 30, 2010

New home sales in Phoenix and Las Vegas, two U.S. Bubble  markets hardest hit by foreclosures, are set to plunge as a federal tax credit for homebuying expires, according to data from real estate researcher Metrostudy.

A sample of subdivisions in both cities showed sales contracts for new homes “pulled back sharply in May and contract cancellations spiked,” Houston-based Metrostudy said in an e-mail. Would-be buyers canceled about 40 percent of new home contracts in San Diego in May, up from 10 percent in April, the company said. Data on new signings in that city weren’t immediately available.

Sales indicators fell after April 30, the last day for homebuyers to sign contracts in time for a federal tax credit of as much as $8,000 for first-time purchases and $6,500 for certain “move-up” buyers. The deadline may have hurried customers to snap up properties when they otherwise would have waited, said Brad Hunter, chief economist based in Palm Beach Gardens, Florida, for Metrostudy.

Hunter stated that some of the more unique  properties will be unaffected by the expiration of the tax break..Some of these  properties are totally unaffected by changes in  Fannie Mae, Freddie Mac, and Ellie Mae policy..

 


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