The Gall of Fannie Mae
Posted on July 6th, 2010 by MoverMike
A Beginner’s Guide to Freedom posts:
Fannie Mae, the wholly-owned subsidiary of the Federal Housing Finance Agency, recently announced it will take steps to penalize “strategic defaults.” A strategic default is when a homeowner who is underwater on his house simply walks away from the mortgage even though he can still afford to pay it back. From now on, borrowers who default in this way will be blacklisted from obtaining another Fannie Mae loan for a period of seven years, and in the states that allow it, Fannie Mae will sue the borrower for the balance of the loan.
Simply outrageous!
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