Fannie Mae Makes More Bad Loans After Getting More Government Money
It is funny how easy it is to spend other peoples money. Fannie Mae sure knows that now that they are wards of the state.
We all know that Florida is a toxic waste zone for real estate these days. Sorry to all those in Florida, but facts are facts. Overbuilt and underwater, the market was devestated by a horde of locusts speculators.
We also know that it is ground zero in national elections, especially Presidential ones.
Well, since the bailout of Fannie Mae and Freddie Mac, these companies are now wards of the Federal Government. And thus will be used politically from now on.
That explains why we the Fannie Mae is now relaxing the standards for lending to the decimated Florida condo markets.
Be afraid, be very afraid.
The housing finance giant said it is reassessing hundreds of Florida condo projects to see if they are “sufficiently stable” enough to qualify for funding, even if they don’t meet current requirements, Fannie Mae said in a statement.
These projects would get a “special approval” designation from Fannie Mae, clearing the way for hamstrung Florida lenders to originate loans and help spur a recovery, it said.
“This new initiative is geared toward providing maximum support for Florida’s distressed condo market,” said Karen Pallotta, executive vice president of Fannie Mae’s single family mortgage business. via Reuters
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
I'll add mine to the list too. This is happening in Kansas City, Missouri as well now.
We already knew ...
Pingback by Weekly summary of real estate news, Memphis comments, and other interesting stuff – January 15th - Memphis Real Estate Buzz on 15 January 2010:
[...] Shared Fannie Mae Makes More Bad Loans After Getting More Government Money : The Real Estate Bloggers. [...]
Comment by Portland Condo Auctions on 20 January 2010:
So does this mean that they are going to setup some more loans that will probably fail? If you cant afford a house, then dont buy one please. Even if you think that the lender or the bank can get you a good deal.
-Tyler