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Tuesday, April 17, 2007

Mortgage giants may help borrowers, how about the CIC.

Mortgage giants may help borrowers - Yahoo! News
By MARCY GORDON, AP Business Writer 12 minutes ago

WASHINGTON - The heads of Fannie Mae and Freddie Mac said Tuesday the mortgage finance giants are developing new types of loans to help distressed borrowers with high-risk mortgages keep their homes at a time of rising foreclosures.

A key federal regulator also urged lenders to step in now and extend flexible terms to struggling homeowners.

Are these lenders going to make the community coffer hole on all the delinquent assessments. Because if they are not paying their mortgage do you think they are paying their Condo or HOA assessments.

And correct me if I am wrong but does not both Fannie and Freddie have underwriting requirements that require loans in a CIC's to have no more than 10 percent of homeowners outstanding in assessments. Even if this gets Fannie and Freddy off the hook on the loan; They are not on the underwriting....It's called a Condo, Coop or HOA certificate and it needs to say 90 percent money in the door.

Gee I have not been writing, calling, speaking with most of the major elected officials on the hill and today not one of them as done a dam thing.......I can't wait to see them showing up in their home states explaining how they missed this bit of oversight.

Please go visit the score card of the mass medias coverage on this growing scandel.

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