Friday, November 21, 2008

Updates on Giant Mortgage Losers Fannie & Freddie

These entities, which own or back a huge number of American mortgages, announced they will suspend all Foreclosures for single-family properties from Nov. 26 to Jan. 9.

Can the FDIC and big banks be far behind?

The cynics and responsible homeowners among us are of course disgusted about mortgage mods already.

Additionally, we wonder if this is just a device to get more consumers to spend their money on Christmas shopping. You're in danger of losing your house, you're gonna get a mod, this might be the last happy Christmas, those poor little kids. Understandable, but shortsighted. Retail sales are tanking, retailers are going out of business. But Christmas continues!

And Freddie is tanking so badly, with shares trading at less than a dollar for more than 30 days, its been warned it may be kicked off the NYSE.

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