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Old Loan Officer: (November 13, 2009 7:45am)

Some one who cares....I think what a bank is is a deception because Fanie Freddie and Ginnie are the backbone behind the "banking end" of banks. Banks are either huge commercial conglomerates, or local savings matresses, not the place where your ortgage is actually housed.

Old Loan Officer: (November 13, 2009 7:44am)

Some one who cares....I think what a bank is is a deception because Fanie Freddie and Ginnie are the backbone behind the "banking end" of banks. Banks are either huge commercial conglomerates, or local savings matresses, not the place where your ortgage is actually housed.

Old Loan Officer: (November 13, 2009 7:44am)

Some one who cares....I think what a bank is is a deception because Fanie Freddie and Ginnie are the backbone behind the "banking end" of banks. Banks are either huge commercial conglomerates, or local savings matresses, not the place where your ortgage is actually housed.

Old Loan Officer: (November 13, 2009 7:44am)

Some one who cares....I think what a bank is is a deception because Fanie Freddie and Ginnie are the backbone behind the "banking end" of banks. Banks are either huge commercial conglomerates, or local savings matresses, not the place where your ortgage is actually housed.

joecolorado: (November 11, 2009 4:15pm)

Starving. ANY amc that requires the appraisal to be sent with AI format takes the signature off the appraisal.(WHICH IS ENDORSED BY ALAMODE and the appraisal institute!!!!!(note lower case))Thats why I dont entertain those requests.I will take note which ones offer me the unparalleled opportunity to work for their fabulous organization where AI Format is required and will put their names on this site.I generally just kick them to touch ignoring their requests but will take note in future,generally dont waste my time or effort when the fees are rubbish and conditions of the app are too biased towards the amc but hate the system changes and want to see appraisal control back in our hands.

Yesterday?: (November 11, 2009 3:25pm)

can we view yesterdays clip?

Some one who cares.: (November 11, 2009 12:41pm)

Hey ExMtg Broker, you must not realize that crimes against national banks are federal felonies. Your suggestion of a little flush here etc is not only criminal but stupid. Wether you like them or not ever since the great depression, national banks and any other federally insured institution is protected under our laws. So go ahead, be an idiot. Don't you realized that if you destroy the banks, you destroy us? How would you get by without a strong financial system? Got a lot of land and hired hands to grow your own? Good luck to you and anyone else who believes you can destroy others without hurting yourself in the long run...Happy Holiday! You giving no thought to the fact that people have and are dying to protect this system of ours is especially offensive today. I guess you can't outlaw stupidity. Go ahead be cute and incite destructive behavior. You will be amazed that what goes around comes around.

Jumbo: (November 11, 2009 11:09am)

Does fannie intend to keep the house active on the market...? I can't wait to show a buyer a house that is occupied by the former owner, now tenants. This just keeps getting better and better.

HVCC Road Trip?: (November 11, 2009 11:00am)

When is the HVCC Road Trip?

No Spin; Just the Facts: (November 11, 2009 10:12am)

Fannie's rental program is wise. It will keep these distressed homes off the already saturated market. This will be one necessary change required to move toward stabilizing home prices. It will certainly be better than having homes being striped out, not maintained and attracting crime while vacant. Property management should be outsourced just like they do with the Realtors selling REO. Will there be a small segment of unethical people that will abuse the situation, absolutely--but that will always be true. Fortunately, the majority of people will be ethical. They will need to have a game plan for weening these homes back onto market. So some areas where there is not an oversupply (create the milestones) they will not need this program. Some renters will probably bounce back and buy their homes. This is a good plan for the times when there is an oversupply of homes to buyers.

jeb: (November 11, 2009 10:11am)

I would suggest a lease purchase option. After allfinancing should not be an issue, the lender is the owner. The "golden rule".

Starving Appraiser: (November 11, 2009 8:11am)

CALL TO APPRAISERS!!! Some apprsrs here verified the AMC requirement of software purchase that allows AMCs to remove apprsrs signature & alter the report. I NEED NAMES OF THESE AMCs. As of 01/01/2010, state law will prohibit this practice. State Apprsr Licensing Board is requesting names & addresses of AMCs for the purposes of registration & regulation for those AMC doing business in this state. If you can give me the name, I'll find the addresses. Although I agree w/the idea of eliminating the AMCs, until that can be accomplished, I intend to do everything in my power to ensure they are subject regulation. State law here will make it difficult for AMCs to continue some of the practices that are harming our industry, such as the software prohibitation, responsibility for payment, review requirements, just to name a few. I NEED YOUR HELP!!! AND, Take a minute to honor & say a prayer for our VETERANS on this day designated to their recognition. Thank you & have a great Veterans Day!

Kris Anderson: (November 11, 2009 6:04am)

So Frank is going over to the DARK SIDE! Are you nuts? Bet of luck to you! Now if you need a good lender..........

ExMtg Broker: (November 10, 2009 10:36pm)

Also keep in mind. A Lender will not lower your principal or payment and will kick you out after being down 5-6 payments. Instead of working with you and reducing principal they sell it to a rich person to make money for much more of a discount instead of keeping people in thier homes. I agree that they should keep in their homes on a temp payment basis until they get back on thier feet. They Feds have to believe that the economy will recover so they should believe that people will recover also. But what are they doing? nothing if you pay attention - The feds including Obame are very mum on the foreclosure situation. Very mum. Somebody somewhere will snap. You have somebody who lost their job due to the George Bush ran government, gets kicked out of thier house, has nowhere to go . They have nothing to lose but BOOOOOM! another OK City disaster on a Lenders HQ's. I am not agreeing with it but somebody will snap somewhere soon. God Bless them.

ExMtg Broker: (November 10, 2009 10:30pm)

This new rent option by fannie is a way for them to get you out of the house quicker. - it takes 30 days to get a renter out. - It could take 15 months ( depending on the state) to get a homeowner out. - This way the tenant/exowner can't destroy the property quicker after being promised he/she would get help by lenders that recieved billions from the Govt to supposedly help homeowners when they all they did was buy up more banks. The lenders string you along and say they will help you and then after ignoring you for 6-9 months of supposedly looking at your file you are so far down that you can't recover. If your pissed off like the rest of the country at Wells Fargo ( The mother of Lying lenders) keep in mind that 40lbs of concrete mix costs 5$.... flush a little here flush a little there. before you know it - you have 30 feet of solid concrete in a sewer system 5 feet down - probably a 50k job. Plus everybody will strip the houses just for spite for being lied to and then ignored.

Barney Frank and pot: (November 10, 2009 5:59pm)

Check out this barney Frank story..one of his gerbil loving partners got caught with pot and Frank denies knowing what pot is. Frank needs to be taken off this earth by someone with a good shot...http://www.glennbeck.com/content/articles/article/198/32932/

blackmolly: (November 10, 2009 4:44pm)

2 Question HVCC Survey by Broker/Banker Mag. http://www.zoomerang.com/Survey/?p=WEB229UWTDWXXV

App: (November 10, 2009 3:50pm)

I can see it now "How much is the rent this month?" Oh well, I guess the heat pump needs to go. Don't worry, there's enough copper in the walls for another 2 months. NO ONE sell the toilets!! till the last. I need some beer money - son, get me the copper from the bedrooms and we'll go out and eat. Copper is @ $3/lb. Who's going to ignore that if they've lost their jobs and no prospects. JMHO - I think it's dumb.

App: (November 10, 2009 3:45pm)

eddy: You're inviting pissed off borrowers to stay as renters?? lol. Then they can take all the plumbing out and sell everything not bolted down without being disturbed. They can't afford it to begin with so making them renters is the perfect solution - uhh yeah. In bizarro world, which is where it's looking like we're headed anyway hahaah

Evil Genius: (November 10, 2009 3:35pm)

Left something out: Why can't a new lender with no ties to the Government, existing banks, Fannie, Freddie, HUD, VA or FHA carve its own niche with conservative yet common sense guidelines that doesn't want to gouge the consumer and simply wants to give the institutional investor a fair return(pension funds) make a go at it? The ultimate non-conforming lender.

Evil Genius: (November 10, 2009 3:32pm)

Why can't a new lender with no ties to the Government, existing banks, Fannie, Freddie, HUD, VA or FHA carve its own niche with conservative yet common sense guidelines that doesn't want to gouge the consumer and simply wants to give the institutional investor (pension funds) make a go at it. The ultimate non-conforming lender.

eddy@westcoastappraisers.com: (November 10, 2009 3:20pm)

Guys I think that you are wrong about thinking that Fannie Maes has to be a Landlord. Many lease agreements have clauses that will allow a Owner to make certain changes to the lease. With the loan mods not working. What would be wrong with fannie getting into the rental market

James the Appraiser: (November 10, 2009 3:06pm)

Appraisals Fun, I got a request and loked up the property only to find out it is a manufactured home. Got back to the lender and told htem, I can do it,but I no longer have M&S or N.A.D.A. so I can not do the Cost Section. As I did not want to do it I was sure that would send them looking for a different appraiser. They came back and said " No Cost Section Needed ". So, how are they going to sell this loan out after they make it? LOL,and they are sending me a check to $450 as it is in the mountains, lol

App: (November 10, 2009 3:04pm)

this becomes an enigmatic situation with no easy solution. Compensation and penalties enforced by one entity now cause offsetting penalties or compensation to the other. Either way the Treasury comes out on the short end of the deal. All this is just one example that we’re in for a long haul in our way out of the crisis and into a restructured secondary market. http://www.mortgagenewsdaily.com/channels/voiceofhousing/118278.aspx

App: (November 10, 2009 3:02pm)

Back then, the GSEs could be a little light handed in their enforcement of this rule because they didn’t want to risk losing a lender’s loan production and delivery business. Frankly, they didn’t want to lose a lender to the competing GSE. That was then, this is now. The GSEs now have no choice but to get as strict as possible in enforcing these agreements. But there’s a catch. Treasury today essentially owns an interest in both GSEs as well as in many of the entities (banks) in the primary market. Large lenders are most often financial institutions that were required to hold preferred shares of GSE stock as part of their core capital. With those shares virtually worthless, lenders are naturally less sympathetic to the demands made by the GSEs to make them whole on losses. As private enterprises the GSEs could make the business decision to settle their claims with lenders. But with the federal government on both sides of the trade, **Continued

App: (November 10, 2009 3:01pm)

Recent news from the GSEs is lenders are thumbing their noses at repurchase & reimbursement requests in record numbers. As reported in their quarterly filings, Fannie Mae & Freddie Mac are seeing an increase in the number of lenders not honoring agreements to repurchase loans that breached representations about the eligibility and quality of loans they sold. While this is not uncommon in the current economic environment, there is noticeable difference: Lenders have told us that the GSE’s are showing a new toughness when it comes to auditing non-performing loans. Once a material breach is uncovered, GSEs make a repurchase demand requiring the seller/servicer to buy the loan back from the GSE at par, regardless of the current value or state of pay. In years past, the largest seller/servicers often viewed the repurchase demands made by the GSEs as negotiating tools when it came time to renew or modify contracts. **Continued

NateHate: (November 10, 2009 2:54pm)

BJ Saul (Chevy Chase) has been doing this for years. It works for them. Keep an open mind, you mook.

App: (November 10, 2009 2:46pm)

Hahahaa amrine, you guessed right. I have it on all day in the next room. I figured since Fox is anti-Obama those figures might be bloated but I doubt they're more than 50% off. The fact that can even be brought up shows there's some validity to those figures. Think about it though -As much money as they've taken from us to bail out the banks & non-systemics, that would pay off more than 1 time over the existing liens in all the foreclosures that have been happening. Since they took all that money they should just give us our houses to pay us back for it. This double dipping of taking our money & then charging us for the privilege, and even throwing us out of our homes if we get laid off due to the financial disaster they've created, is usury. Economic slavery. We, as taxpayers, have paid more than enough to cover our debts with them. Check out these links. What a trillion $$$$ looks like & national debt clock. http://www.pagetutor.com/trillion/index.htm & http://www.usdebtclock.org/

Realist 1: (November 10, 2009 2:45pm)

It is truly a shame what Fannie Mae has become. Fannie Mae has been involved in documented accounting scandals, credit derivative scandals, and excecutive compensation scandals which resulted in their collapse. All of this has and will continue to cause you, I and our children to spend our tax money and suffer untold economic consequences for their deeds. The history books will record most of the bailouts as a means simply as covering their Bad Gambling Debts. And now, Fannie Mae has is going to rent homes to delinquint people all of which have demonstrated that they can't or won't pay. A large amount of these people will certainly default on the rent too and you and I get to pay for that too. As an appraiser, I find it a real paradox that we are required to conform with Fannie Mae guidelines when Fannie Mae itself has demonstrated to the world that they are have acted in a highly unethcial manner. Fannie Mae: As far as I am concerned, You are a disgrace to our industry!

chapis: (November 10, 2009 2:44pm)

Have you guys heard of this... it is a big problem we are hearing everywhere people are deciding to stop making payments on their houses and live for free as long as they can in the meantime they save all those payments and when they have to move out they have enough money saved to go out an rent. How are we going to get out of this housing problem if now even people who dont have any problem making payments are managing to live for free for even 1 year while the banks decide or complete the forclosure process. They are just buying time applying for loan mods and then putting the houses for short sales until the banks decides to foreclose and they have to move away.

reelyst: (November 10, 2009 2:31pm)

Fannie renting their foreclosed homes? Are you kidding? Have you ever gone to a typical Fannie foreclosure? These homes are more often than not trashed with load of deferred maintenance...problems with plumbing, heating, floors, etc...and those are the good ones. In many areas the landlord has to be certain that not only are these basics taken care of, but they are ultimately responsible for landscaping, exterior paint, etc or face fines. So let me get this straight...Fannie is going to rehab these homes with the former mortgagor turned tenant inside only to have a percentage of occ's tear the place up again? Ever visited the projects? That's gov't owned and run housing. Great...now I get some of that same housing on my block! F/C and sell these houses on the open market and lets start a real recovery! Stop playing nanny!

Lynn B: (November 10, 2009 2:30pm)

Not sure how I feel about Fannie Mae getting into the property management business. While I agree it would be nice to let people rent out their own homes, I wonder how they determine what they charge them and what the long-term intention it. Wouldn't it just be better if they remodified their loans. I also feel cautious about the government getting into another area of our life and exerting control therein. On the other hand, it might make sense in some cases to let people rent back their homes, thus bringing it down to a case by case basis which could be mindbending.

Sick of it!: (November 10, 2009 2:02pm)

Amen App! Amen!

amrine: (November 10, 2009 1:59pm)

Hey App, that sounds like Fox News math.

App: (November 10, 2009 1:54pm)

Funny thing sick of it, but the $4,500 cash for clunkers program, they figure, it cost us $24,000 per car to make it work. Those $8,000 buyer incentives? The figured it's costing us taxpayers $43,000 for each one. Those 650,000 new jobs the government created cost $300,000+/- for each new job. Is that all worth it? Stop spending my money, restore morality to America by punishing instead of rewarding the guilty and get government out of peoples lives. We can't spend our way out of poverty/debt... Fkn idiots. Helicopter Ben and those that believe in Keynesian philosophies thinks you can. Keep printing money till it's worthless. This isn't ending anytime soon. Commercial credit defaults are coming and those Alt-A (subprime loans) are getting set to adjust again in 2010 and 2011. It's not the homeowner that bought too much house, it's private interest policies that screwed us and will continue to as long as government officials can be bought & sold by the banks. Sorry to sound so cynical.

Rotgirl: (November 10, 2009 1:43pm)

I told my husband this way back at the beginning of all this mess....why doesn't the government just give everyone $10,000 and a voucher for a new American-made car and be done with it? Spend the money any way you want - savings, house payment, credit card debt, start a business, buy drugs, get a boob-job, whatever you want - but after you use your money up, that's it. No more. You're on your own. Probably would have cost a hell of a lot less than the billions thrown away in the last year.

NCLO: (November 10, 2009 1:34pm)

...and I spell gude too...

NCLO: (November 10, 2009 1:31pm)

Sorry, got a little click ahppy there...

NCLO: (November 10, 2009 1:29pm)

Hey, what can it hurt to have Fannie become a landlord? They have done a heck of a job managing risk! Unbelievable... just stop by my office, and everyother real estate finance professional, and pick up cash directly from me, it's going to come out of my (and yours) pocket anyway!

NCLO: (November 10, 2009 1:29pm)

Hey, what can it hurt to have Fannie become a landlord? They have done a heck of a job managing risk! Unbelievable... just stop by my office, and everyother real estate finance professional, and pick up cash directly from me, it's going to come out of my (and yours) pocket anyway!

NCLO: (November 10, 2009 1:29pm)

Hey, what can it hurt to have Fannie become a landlord? They have done a heck of a job managing risk! Unbelievable... just stop by my office, and everyother real estate finance professional, and pick up cash directly from me, it's going to come out of my (and yours) pocket anyway!

Sick of it!: (November 10, 2009 1:12pm)

So again, where does it stop? When all the people who just bought cars this summer using the Cash For Clunkers program can no longer make their car payments....do they get to keep the car because the government pushed them into buying a new car instead of keeping the one they had? Do they get to rent the car now at a much reduced rate because the auto loan companies (many of those same banks that are "too big to fail") don't want to have too much inventory on dealer lots which would drive down the price of new cars????? I'm going to stand by my statement that NO ONE FORCED ANY BORROWER INTO BUYING A HOUSE! NO ONE HELD A GUN TO ANY BORROWERS HEAD AND MADE THEM SIGN LOAN DOCS! If you can't pay for it you don't get to stay in it! That WAS the rule for a LONG time and it's a good one and a fair one! If we don't stand by the rules, then we're going to go into one hell of a LONGGGGG downward spiral. Because then you have to change the rules for everything else....cars, retail, etc...

App: (November 10, 2009 12:49pm)

I like your moral indignation but it's misplaced. The bankster crooks are still running the banks with the blessings of the government and the too big to fail banks keep getting bigger and bigger - and you want to blame the borrowers??!! It's not a financial crisis - it's a moral crisis that started and should end within the halls of wall street, not main street. It's of the people, by the people and for the people - not corporations.

App: (November 10, 2009 12:44pm)

Sick of it, you're forgetting that the great selling point was that homes will never go down in value. They were pushed into homes they couldn't afford and if the banks cared about anything other than booking profits, those loans would never have been made. The taxpayer, including those that can no longer afford homes they're upside down in due to lies promulgated by the big banksters, is not at fault at all. As a matter of fact, considering the public debt due to bailouts, all those homes have been paid for. Making them pay more than they're already indebted for usury. I do not blame anyone but the big banksters, AMC's and lobbyists pushing "prices will never fail - they'll always go up" What do we end up with? Too big to fail even if their promises do and enough debt for 3-4 generations. Those homes being foreclosed are already paid for.

Slim Shady: (November 10, 2009 12:39pm)

Since many are talking in extremes; You know some of the first people to bail on their homes were investors because they could not rent them out. Investors have no emotional hold to their investments, they either make money or they dump them. If they can't sell quick enough then the bank gets them right back. Like it or not the financial industry is the blood-line of this country. If we let it die then the fed files bankruptcy and we are all swimming up stream while the Chinese take over; then you can really talk about Socialism to you hearts content.

Sick of it!: (November 10, 2009 12:25pm)

And you people making the argument that these people deserve a break because they lost their jobs....then where is the money going to come from to pay "rent"? And do you REALLY believe that IF they barely have money to pay rent that they'll really have money to keep the property maintained? If you do, then you haven't seen the REO properties I have. Even many of the "good" homes in "good" areas are in horrid condition - filthy, full of vermin, reak to high heaven..... Again, WHY are we bailing them out? Yes, the government was pushing home ownership. Yes the lenders were making it easy to put unqualified people in homes but COME ON! The buyers had to have gotten a GFE. They HAD to know what they were expected to pay back. PEOPLE HAVE TO SUFFER THE CONSEQUENCES OF THEIR ACTIONS! If you can't pay for it you don't get to keep it! You don't get to stay in it! You don't get to keep driving it!

Sick of it!: (November 10, 2009 12:12pm)

And when does it stop? When do they cut it off? For how many more years do we allow these people to stay in homes they can't afford on the tax payers dime? Fannie Mae is NOT going to hire new people or companies to manage these renters....they are going to continue to use the same REO asset management companies that are currently managing the Fannie Mae REOs who in turn are going to assign the properties to agents (90% of whom have NO property management experience) who will have to handle the maintenance issues, etc.... and for what? The promise that down the road they MIGHT get a reduced commission IF the house goes on the market in the future? Agents, get ready to get taken for a ride if you agree to do this! The bailouts and handouts need to stop! If you can't pay, you don't get to keep it! That's what the papers said that they signed at closing! Is that going to change now? Are lenders going to include rental agreements with loan docs now?

App: (November 10, 2009 12:10pm)

Tired of it: You're completely ignoring the responsible parties that are being rewarded. The banksters. They were at the bottom of it. Don't you remember all the fliers advertising no doc, 125% ltv liar loans? Who pushed those? The big banks were telling everyone that they deserved a home & they ignored, due to greed, making case by case judgements on who could afford them. The real crooks are the wall street banks & not ordinary people that had easy money forced down their throats day in & day out. Throw in government mandates to house everybody and you can see who's behind this mess. On the laundry list of blame the borrower is last. Add in the fact that the borrowers taxes (our taxes) are paying for the bailouts & I see that those homes have been paid for many times over. They've left the causes of the problem in place, ie.. too big to fail banks, the GSE's & the lobbyists that pushed those agenda's that put the world at risk. How's that for logic. Greed blind & corrupts absolutely.

Realist 1: (November 10, 2009 12:03pm)

Here is the cold hard truth: Fannie renting out properties to deliquent homeowners, your credit card rates being jacked up to as high as 30% (usury), you losing your job or having to work for a lot less, your taxes, utility bills and fees going up, gasoline at $3 per gallong despite a current over-supply are all consequences of an ECONOMIC COLLAPSE that is in progress. The multi-million bonuses paid by you (the taxpayer) to the same people who caused this economic collapse is a Moral Collapse in progress. If you buy the BS that things have bottomed out and are improving, you are believeing a great big fat LIE. There is a Mount Everest of unpayable debt out there that CANNOT be paid and it's getting bigger. Some estimates at as much as $880,000 per man women and child in this country if you consider unfunded social security, pensions, medicare and the debts incurred by those too big to fail companies that took big, irresponsible risks and failed including Fannie.

Clulessdad: (November 10, 2009 11:58am)

All the housing problems get minimized with job creation. Housing, equity, foreclosures are symptoms. Jobs are the main issue. Give me a person with a good paying job, and they can make a mortgage payment or rent payment, whatever you like.

Make Sense Broker: (November 10, 2009 11:56am)

The reason this idea of letting people rent for ONE year then month to month DOES make senseis the following: 1) The RENT payment is not the SAME as their mortgage payment. So all of you who can't figure out why the renter would be able to afford it in the short term while they are getting back on their feet is BECAUSE a portion of your current payment is PRINCIPAL and the rate may be high. The RENT payment is basically interest only at a decent rate just until either a)borrower gets back on their feet or b) the lender can sell it at a decent price. 2) The house doesn't get trashed and the values in the neighborhood don't plummet because of a shortsale or foreclosure. 3) The money coming from rent has got to be a hell of a lot more than any management company would charge to keep track of this...duh! 4) To all those that say you should be responsible for what you buy.....no kidding! but if it goes into foreclosure, are you making those same people be responsible for it? NO

Mortgage Man: (November 10, 2009 11:36am)

This is great, because it allows the borrower a chance to get their act back together. Just get the borrower to have a triple net lease. therefore they can maintain the property at their own expense. Some people live in neighborhoods where the properties are maintained properly and not run down. They want their house kept in great condition and don't want nieghbors to know that they are in trouble. Just a mattter of time before they get on their feet.

Gmoney: (November 10, 2009 11:23am)

Frank, get off the kool aide. There is not a gut of PROPERTY BEING HELD BACK by banks. R U nuts. Your the same guy who thinks those airplanes that scoope up water to fight forest fires, scooped up a scuba diver and found the body in the woods. Its a Fairy Tale Frank. Like the costume you wore for Haloween. Its a Fairy Tale.

Super agent: (November 10, 2009 11:22am)

Holy Moly Frank you are doing what and becoming a realtor? now you will become a narcississtic annoying mangina..i think you fell in love with mable and want to cross dress

SoCalMtgGal: (November 10, 2009 11:21am)

Some of you sound as if you think that the people in foreclosure are still making as much money as ever and just don't WANT to pay their mortgage pymts. The majority of these people have lost their jobs or their income has drastically reduced because of the economic mess. I think it would be beneficial to all concerned if the lenders DID modify these loans ASAP to what these people could afford for a short term solution. If principal balances have to be reduced, part of the modification could be an equity sharing agreement for when the market does come back (as we know it eventually will). Owners stay in their homes, do all maintenance as always, but DO have a mechanism to pay back most or all of principal due eventually.

Dave: (November 10, 2009 11:18am)

You've got to be kidding me! Here are some points to ponder: 1) How will a person who is unable to make mortgage payments be able to make equitable rent payments on the same house? 2) What leads anyone to believe that the stumbling, bungling, multi-level, confused bureaucracy called FNMA will be any more capaple of administering thousands of leases than they have been in handling foreclosures? 3) From what pool of property managers would they draw from? Would they hire and train "in house" or would they contract out? And by what criteria would they choose their property managers? 4) Will they comply with (or are they even knowledgeable of)the various state's landlord tenant laws - or would their minions simply run roughshod over state and local laws, eliminating any vestige of consumer safeguards, such as the banks have in marketing their foreclosures? Sorry, it's a really BAD idea that resolves nothing.

Slim Shady: (November 10, 2009 11:00am)

I have to say that many of the solutions posted on this site are the exact same things that were implemented in the late 20's before the great depression which is not exactly a ringing endorsement. And again, the investors are not exactly lining up to buy these homes in all areas of the country since many areas still have an enormous glut of available homes for sale. It's easy to just say nuke-um, let-um starve, kick-um to the curb, whatever and move-on but the flip-side with having litterly millions of un-employed homeless walking the streets could and would create massive problems not seen since the great depression and maybe worse. You can call it socialism but I believe we are in unique times that will take unique solutions and a national unified effort to correct. Un-employment has hit every station of life in this country and while I don't believe in hand-outs I have nothing against a calculated risk by offering a hand-up. Have a happy day.

jabco: (November 10, 2009 10:58am)

What can we do to stop these banks from increasing the credit card cost 2-3 times. Just maybe this just might make a person unable to pay anymore and just want to toss in the towel. B of A the worst. They are killing fico scores by lowing credit limits to the balance due, and going up on the payments. Do they know there is over 10% of those folks unemployed and the rest of us are trying to hang in there.\\

the peoples lender : (November 10, 2009 10:53am)

Just Pissed, that is exactly the point I was trying to convey. Unfortunately most want to turn this into some kind of them vs us issue. I am glad to see a few pragmatists left.

jabco: (November 10, 2009 10:53am)

Rent no, why not jjust stop the foreclosures in their tracks. Renting is just a way to put it off for a year, why not just modify the loan to what the client can afford for 1-2 years. Its still their home, they have to maintain, and they could pull it out. If only 30 to 50% are able to keep the home after this a great help.

Realist 1: (November 10, 2009 10:50am)

Tired of it. You hit the nail on the head. What kind of message does this send to those of us who play by the rules? Should we start breaking the rules too so that we can get in on this process. If not, it seems that we will be left out of the process and that is what upsets me. The whole damn thing is 100% morally wrong.

Just Pissed: (November 10, 2009 10:49am)

Actually every point made about the renting is true, but ultimately it is better for Fannie to get something from that property and keep inventories lower and filter these properties back out onto the market. Vacant homes have spelt disaster in certain areas and have cost these banks huge loses when squatters or vandals get in. All in all Brian you bring up good points, but ultimately Frank has it right on, get someone who actually cares about the property to some degree and keeping the power on versus having no one in there.

Amarine: (November 10, 2009 10:48am)

Personally I have more experience with the post office, medicare and Amtrak than with VA medical system but all of those are well oiled machines and work extremely well. Our postal system is fantastic and Amtrak has gotten much better since the government took it over many years ago. Medicare is the life saving system for millions of seniors...where would we be without it! A little socialism to replace the failures of some of our corporate providors is a good thing...even if some equate it to communism.

Tired of it!: (November 10, 2009 10:44am)

the people's lender - REALLY! "by letting Fannie show some compassion to the folks who have lost their homes." NO ONE FORCED THESE PEOPLE TO BUY A HOME! Since when is it ok to NOT PAY FOR WHAT YOU BOUGHT! This just sickens me everytime I see something like this.....what are we telling people....that it's OK to "buy" more than you can pay for and when you can't pay it off just forget about it! Your debts will be forgiven, you can stay in the home you're not paying for, watch cable on your huge plasma TV, drive your SUV while you eat your dinner that you got from your food stamps. Oh yes, and take the free medicine you got from your free doctor visit. All that I AM PAYING FOR BECAUSE I WORK AND I PAID OFF MY HOME AND I PAY MY CREDIT CARDS OFF EVERY MONTH AND PAID CASH FOR MY CAR..... Good Lord! How can I get a piece of this scam!

lookingforsolutions: (November 10, 2009 10:40am)

Mr. Mortgageloan, please do not commit on things that you are not familiar with, i am a disabled marine corp vet. i have used the VA hosipitals in 2 different states and have visited other hospitals in other states. the VA hospitals in michigan are top rate. they are well oiled machines who take care of their clients. providing the best medical service i have every recieved. i can recieve care at any VA facility in the country and never pay anything for it plus my meds are only 7 dollars per prescription for 30 days for any med. if this is medical socialism i'll take it just like i'm sure anyone in the VA sytem will tell you, once your in its priceless. the VA medical system cares about people unlike the for profit medical systems that the majority of americans are in. HAPPY BIRTHDAY JARHEADS, SEMPRE FI

Tobby: (November 10, 2009 10:39am)

FNMA renting, Wells Fargo allowing low interest rate payments (essentially renting) are tacit admissions that they are scared to death of the pending tsunamii of foreclosures on the way. Extend and pretend!

Realist 1: (November 10, 2009 10:34am)

App, you are correct. This has become the theater of the absurd. The people of this country are being sold out by the big banking and other corporate interests which are also the big government interests. This country is now a country of the corportation, by the corporation for the corporation, which is all inter-linked with the government. Our founding fathers would be rolling in their graves if they knew about this. There is a huge transfer of wealth taking place from the people to those who already have a lot of money. This is how great depressions form, the masses of people become impoverished and that is the process that is unfolding right in front of our noses.

MrMortgageLoan: (November 10, 2009 10:16am)

Fannie/Freddie would make exceptional landlords. Just as Amtrak, the US Postal Service, the VA medical hospitals and Medicare are run with the precision of a well oiled machine. Right after this program is kicked off we should hold an election for Prime Minister to go along with our universal healthcare. BO and company are already trying to lead us into Socialism... America voted for change, I fear we are getting it. Vive La France…

App: (November 10, 2009 10:14am)

They're grasping at straws-rent out foreclosures omg. Does anyone feel there are 2 societies being formed? The illusory one where everything is rosy and the real one where real unemployment is 15-25%. I wonder how far the gov will take this "everythings rosy" mirage they've created that benefits the banks but does nothing for the people. A capitalist society existing outside a socialist society where everyone owes and is a slave to their debt service. Housing, AMC's, health care, too big to fail, a welfare housing state where the government buys anything and everything (asset bubble) that can be written-incest between the big banks and the gov. The gap between the haves and the have nots is growing alarmingly wider with each new regulation that protects the banks at the taxpayers expense. $40b in bonuses at GS-hey, wait a minute, that's our money! Cluless-Dodd is against the HVCC, so I would imagine, yes. Check out the Ct. Dodd/Crowley initiative.

the peoples lender: (November 10, 2009 10:10am)

A pattern is starting to develop here…Brian is being led by the right wing ring in his nose to positions of lunacy. Frank provides a modicum of sanity. This is incredibly evident in this segment where Brian is opposed to putting a lid on the real property inventory by letting Fannie show some compassion to the folks who have lost their homes.

lookingforsolutions: (November 10, 2009 10:00am)

Get Real, we as tax payers have paid enough to keep the rich from losing money. my solution is to keep the average american from losing anymore money. how can you support the current set up that is just raping our country. i would think that you would have some kind of solution other than tough****. our local real estate market was way overpriced in 2007 and we have the real issue that some of these properties will never get back to those high prices. we have lost over 10,000 good paying manufacture jobs in my home town in the last year. we might get back a quarter of those jobs in the next 5 years if we're lucky and i'm pretty sure most of these jobs will only pay 60% of what those prior jobs paid in our area. i don't see real estate values moving up anytime soon if we don't have the jobs to support the increase in value. this will only cause lower values for everyone else and create more foreclosures, see formerloanprocessingtechnolgyguy. we need solutions not division.

Clulessdad: (November 10, 2009 9:57am)

BTW- I took the SAFE National test yesterday. It was prety easy, as I was well prepared from the 20 hour course and 15 years of learning it the hard way. I for one am glad that many of the bad brokers will go away as part of the herd getting thinned. Maybe someday, brokers will be a scarce commodity and get paid more for our value added. LOL

Clulessdad: (November 10, 2009 9:52am)

Frank & Brian-please look at your email. In my attempt to get a meeting with Rep Miller, I have also included an invitation to the NAR and NAMB this morning. By including them, we may have higher visibility in whatever we do. I have been in contact with both organizations this morning by phone. Both were interested in the fact that there 116,000 signatures against the HVCC. BTW-Chris Dodd in the Senate just proposed his own version of HR 3126, so there is a lot of momentum to get something passed before years' end. Hopefully, the repeal of HVCC will be included.

Realist 1: (November 10, 2009 9:52am)

PHX Realtor You are absolutely correct. This whole thing is just becoming more and more absurd all the time. The prez is just the bus driver and we are ruled by an oligarchy. This is not a democracy. The US constitution has been ripped to shreds even thought the president(s) take an oath to uphold it.

Ex Phx Realtor: (November 10, 2009 9:49am)

Disgusted and Realist1: You are exactly right!

OMFG: (November 10, 2009 9:48am)

Let me get try to understand this...(1) You can't make your mortgage payment for last six months and are foreclosed on.(2) You now become a renter and a magic rent fairy puts money you still don't have in your pockets to pay the government rent for the same home you couldn't pay the bank? (3) You go to court for unpaid rent because the rent fairy doesn't exist and the government throws more good money after bad and then what? Isn't this like giving the guy on death row another year for being bad in prison? The government cracks me up. You just can't make this sh#$t up !! Too good..Thanks for the laugh.

Phx Realtor: (November 10, 2009 9:44am)

GODLIKE and Huh?: It's not George's or Obama's mess! The whole thing is being orchestrated behind the scenes and these two are just frontmen/ puppets! The whole Dem vs. Rep thing is to distract from the attack going on right under our noses. Read the Constitution! What they are doing is at least Socialist if not Marxist and beyond. I will not lay down and just let my freedoms be taken away by these power hungry fools! People need to step back and take a look at the big picture. The decline in public education, increase in drug abuse, sexual perversion that is rampant in this culture is no accident! It is being forwarded behind the scenes. The evidence is everywhere if you just step back and look. Unfortunately some people cannot confront the true evil that is out there! Wake up before it is to late!

FortressInvestor.com: (November 10, 2009 9:41am)

Regarding Fannie becoming a landlord: I too am concerned about how they will handle the property management side of things. BUT I am more concerned about what's going to happen in 12-18 months. Fannie may look like a benevolent lender to the homeowner now, by allowing that owner to stay in the house and rent back. But the owner/renter never severs his ties to the house (both physically and emotionally) & when the year is up & the market prices come back, Fannie will surely give the owner/renter a 30-day termination notice & sell the house for a higher price than they could have sold it for at the time of the deed in lieu & rental arrangement. How pissed off is the former owner going to be then? We saw many cases a few years ago where the state Attorney General's offices were going after investors who offered the same program - because the 'victimized' homeowner might not have fully understood what they were giving up and had not been physically or emotionally separated from home.

Starving Appraiser: (November 10, 2009 9:38am)

3 Items - FIRST - tenants do NOT maintain anywhere near the level of owners. Did a tenant occupied site visit last week, no bdrm furniture for the 3 kids, but a BIG A$$ Big Screen TV in the den, go figure!!! SECOND - If Franks going RE agent, maybe Bri should get into appraising??? THIRD - Some users/posters names are not showing on my screen, anyone else???

Conspiracy Theory or Reality?: (November 10, 2009 9:33am)

Huh?,... First you will never see a true conservative making excuses for "George's mess". He has no business employing leftist big-government/deficit busting policies. But BO spent more in his first three weeks in office than GWB did in 8 years. What is scary is that there is nothing he can do that will make Libs like you question him. Always question. Always hold accountable.

brian tbws: (November 10, 2009 9:20am)

One reason Frank is becoming a RE Agent is to give our show a little more balance. Frank will be fully participating. He's becoming a realtor, hes showing homes, and going to all the meetings. I bet he even wears a pin. It may help with our show's perspective. We'll see. I for one am totally looking forward to Frank showing home's and coming back and griping about the process. Oh, I'm not and will not do his loans. Hes gonna be WAY TOO high maitenance.

Realist 1: (November 10, 2009 9:15am)

Godlike, you dont have the slightest clue about whats going on and what you are talking about. The entire thing was a ponzi scheme. Fannie was involved in accounting fraud and Socialism is creeping into every facet of our lives. Everything fell apart because "too big to fail" organizations like Fannie and Freddie were gambling with more money than they were worth and they lost, but their losses get passed on to you not them. Wake up and smell the coffee.

GODLIKE: (November 10, 2009 9:09am)

REALIST1 you definitely don't speak for me!! FNMA and Freddie got caught in a contrived political situation which drove the price of the stock down which left them with no $$$.

Huh?: (November 10, 2009 9:08am)

Socialist? What the hell else is the Prez suppose to do with George's mess....just punt? You guys are barking up the wrong tree, but it is amusing seeing you Bark! Maybe you really meant NRA, not NAR? They called for a donation last night, I just made $1500 bucks being that I'm on the DNC list, love it when these bozo's don't bother to check. Enjoy the Socialism, I can't wait to spend my check that will be coming soon!

WTF?: (November 10, 2009 9:06am)

Looks like Geekner is at it again - talking out both sides of his mouth: http://think.zionsdirect.com/2009/11/02/power/

Realist 1: (November 10, 2009 9:04am)

Socialism is everywhere folks. It's invaded Freddie and Fannie, General Motors, Chrysler and guess what even our own industry. Is this the USA or the USSA?

Disgusted: (November 10, 2009 9:04am)

Wasn't NAR fighting recently to keep banks OUT Of real estate? What is the difference between that and Fannie being a landlord? To me, that's crossing the line.

Look in the Mirror: (November 10, 2009 9:02am)

Frank, who will be going on the listing appointments, you or Mabel? For me, I trust Mabel

Concerned American: (November 10, 2009 9:01am)

What we really need to focus on is that FNMA is getting money to compete with investors while using government money for their private profit. Not only will banks be in the property managemnet, they are using tax payers money. I'm with Not Happy, maybe this is what will back our debt sold to China?? One more wat for out nation to become socialist.

Realist 1: (November 10, 2009 8:58am)

No matter which way you slice it, and I think I speak for just about everyone here, Fannie Mae, Freddie Mac really don't deserve any respect whatsoever. They have proven themselves to be a bunch of corrupt, lying, cheating, ignorant, inefficient criminal S.O.B'S that did in fact FAIL, cheated on the books, got involved with outlandish credit derivative pyramid schemes and now they want to be the landlord and you the taxpayer get to pay for it and your children too. Someone needs to say it: Screw them.

Bono Vox: (November 10, 2009 8:56am)

Good point, "Not Happy". These homes are going to be left in horrible shape. So "App", where are you coming up with $100k for every home owner in America? "Conspiracy" - I agree. This is an amazing power grab. Harry Reid's deadbeat sons will gravy train off of this somehow.

disgusted: (November 10, 2009 8:55am)

Ya'll are hitting the nail on the head! What a better way for Obama to push his socialist agenda than for the government to find an easy way to own private property! When/if the tenant does move out, then why does the government have to sell the home? They can just let someone else live there for free or below-market rent. Won't that make the Dems popular with the masses! You don't have to work, you don't have to pay rent. Gosh! They could just do away with Section 8! Obama IS a genius! Give him another Nobel prize!

loaner55: (November 10, 2009 8:55am)

On the subject of Fannie.....Landlords? Rental business? God help us all....all the tax payers that is. What a disaster waiting to happen.Just another way to keep those in the good 'ol boys club wealthy. Mark these words...IT WILL NOT WORK AND THEY WILL KEEP COMING TO THE WELL FOR MORE MONEY!

Not happy: (November 10, 2009 8:48am)

Sorry fellows.....this is NOT going to create more property management jobs. The REAL ESTATE agents/brokers assigned the properties will be responsible for the property management for these slackers...I mean "tenants". We've already been given directives from the asset management companies working with FNMA on this. I for one, am NOT happy about this and think it is a VERY bad idea! The government obviously learned NOTHING from when they allowed Katrina evacuees to "rent" HUD and VA homes. And you guys are kidding yourselves if you believe these "tenants" are going to maintain the homes....you obviously have not ever seen an "average" REO property.....no mowed, torn up, many unlivable. I have to say, based on what I see when securing properties, that in many cases, foreclosure is the best thing for these people. They were living in absolute FILTH. Often times, it's obvious that they had small children & babes in terrible, nasty, filthy conditions! It's appalling how many "live

loaner55: (November 10, 2009 8:48am)

Why is Frank jumping the fence to become a Realtor? Does he think that the Broker business is on the way out??? Frank,Frank,Frank...... you're probably right.... I'm joinin' ya!

Conspiracy Theory or Reality?: (November 10, 2009 8:46am)

Ok I'm an admitted right winger who distrusts government. Especially liberal/socialist government. So I was wondering: "If the Obama Admin is as socialist as I think they are, they will try to take over private property. But how will they do that? How will the American people cede their property rights?" Now we know. They voluntarily hand over their private property with the promise of security. "At least I have a roof over my head" Fannie (Freddie/FHA are next) own the houses,and who owns them? Oh yeah, the FED. All the libs need now is for the economy to get a little worse to dish out more "security". Are we Americans or are we sheep?

App: (November 10, 2009 8:41am)

Nope, sorry Bono. Lookingfor is just someone with similar sentiments. I agree with his idea about lowering principle. If the government weren't so concerned about NOT rewarding the small percentage of homeowners that are in homes they can't afford they should have given every home owner $100k and modified all adjustables to reasonable rates and the economy would be rolling along the way it should be, in the hands of the people. Maybe too simplistic but that's my take. Gubernment never takes the simplist and most direct route - there's not enough money in it for them. Round-about and never deal directly with the problem keeps their pockets filled.

Wog: (November 10, 2009 8:38am)

Fannie just came back to the trough for an additional $5b, just like you said they would. Now, I don't want the Federal Government to be the biggest private residence landlord in the country. We are fooling ourselves if we think that we are not socialist! We are communisit.

Jer: (November 10, 2009 8:35am)

Kick em to the curb. Let the investors buy the homes and rent them out. They are set up to be landlords Fannie is not. Happy Birthday Marines!

Bono Vox: (November 10, 2009 8:32am)

Why aren't you guys discussing S.A.F.E.? Maybe do a lesson a day? There are a lot of rumors out there, it would be nice to clear them up. S.A.F.E could knock 10 - 25% of originators out of the business overnight.

DragonsLunch!: (November 10, 2009 8:30am)

Anyone who thinks that Fannie becoming a landlord is a good idea, has no comprehension of the big picture. Foreclose and move on.

Bono Vox: (November 10, 2009 8:28am)

Frank - you're right on. The government has already taken over the auto industry, banking industry, mortgage industry, and is determining how we are all paid. Why not become the nation's largest landlord!?! Only government can provide the economies of scale and efficiency to really make this work. Government = Efficiency! Oh - and Vote For Me, baby, I'll lower your rent! 10-1 Mr. Pelosi will have the nationwide plumbing contract at a very fair $200/hr.

AZ Linda: (November 10, 2009 8:28am)

Frank - are you going to get an NAR pin too????

Bono Vox: (November 10, 2009 8:25am)

I think "lookingforsolutions" called himself "app" last week.

Realist 1: (November 10, 2009 8:24am)

Agent wonders makes some really good points. I guess looking at the big picture, it's all becoming more socialistic, but it's socialisim for the benefit of the banks and I suppose for Freddie and Fannie, but not really for the people. What kind of message does all of this send? Should we all just be irresponsible and not pay our mortgages and then still get to live in your house at a reduced rate? How is that fair to those who play by the rules? It seems more and more those who play by the rules get screwed and those who don't get rewarded. Meanwhile, the price of real estate has stabilized in the face of record foreclosures, the Dow is over 10,000 as Enron type failures continue to take place. Alice in Wonderland here we are.

FormerLoanProcessingTechnologyGuy: (November 10, 2009 8:23am)

Some here are concerned that this has become negative. Others offer a knee-jerk reaction: Don't give the government any more responsibility, period. I say: Let's approach this in a balanced fashion. The way to do that is, if opposed to the Fannie Mae proposal, offer an alternative. The problems: 1) The more foreclosures that flood the market, the lower housing values fall. 2) The lower values fall, the more homes are under water. 3) The more that are under water, the more foreclosures we have. 4) The more foreclosures, the harder it is to get money to lend, at any price. Thus, all markets, except for FHA, become illiquid. Sound familiar? And, the one point where I diverge from the video today: Almost all the markets I'm aware of have far more housing than buyers. So: If not by way of this Fannie Mae proposal, how do we stop the downward spiral? You're not going to find me leading the cheering section for Fannie Mae. But what are the available options?

TheBigEasy: (November 10, 2009 8:20am)

Mabel (Frank) your wrong on this one.

Mark in CA: (November 10, 2009 8:19am)

Wow...sorry to vehemently DISAGREE...but this allowing renters is truly stupid. Just think of all the buyers out there. Enough "inventory" for the number of buyers? Nope. Buyers bidding up the prices in many markets? Yep. Fannie mae...get yer head outta yer a_ _ ! More boondoggle, and you and I pay for it.

Lender: (November 10, 2009 8:10am)

I'm with Brian, foreclose the properties, sell them to one of the many buyers trying to buy right now that can't get an offer accepted, and put an end to this medddling by the useless representatives. The longer we delay the foreclosure process the longer we have this mess and the government interference. It's a no brainer to me, but I don't know anymore.... Just got back from Graceland and Sun Records, too cool!

Get Real: (November 10, 2009 8:09am)

"lookingforsolutions" are you serious? Just because someone's value went down they shouldn't have to pay their loan? Who do you think really pays for your solution? The taxpayers, that's you and I. A one size fits all solution is not what we need. We underwrote 100% of these loans on a deal by deal basis. A small percentage is going into foreclosure. We should also look at those on deal by deal basis. If your income hasn't changed or your rate hasn't went up then tough **** you need to make your payments. If you still decide to go into foreclosure then you should have your wages garnished. People need to be held accountable. Not all the homeowners are innocent victims. But as long as all homeowners have a vote the politicians won't go after them.

Alex: (November 10, 2009 8:08am)

Great videos, guys, I am making all of my loan officers watch them

Agent Wonders: (November 10, 2009 8:06am)

If Fannie is going to rent back the homes to defaulting home buyers, some questions must be raised. 1. Will the defaulters turned tenants pay the rent on time? 2. Will the homes ever be for sale? 3. If the homes are for sale while the defaulters turned tenants are renting, will the tenants allow showings? 4. Who will pay the property taxes? 5. Will the monthly rent amounts be less than market rents in the area where the home is located, and if so, how will this affect the rental market and other property values? Seems like the more questions that are asked, the worse this idea gets.

askMadison: (November 10, 2009 8:04am)

What area has more buyers than sellers/foreclosures? I don't know of any area with foreclosures/short sales that has too many buyers.

GODLIKE: (November 10, 2009 8:01am)

SERIOUSLY SPEAKING you weren't wrong. Look at how small the pool of posters is nowadays. The negative ones are running the others off. And then there's the guys from the AI that are purposefully trying to keep this from working so that the appraisers don't get together.

App: (November 10, 2009 7:59am)

Just a guess but I'm thinking this is Fannie hiding the fact that they don't have the notes to foreclose (you need the note to foreclose-yes?). Fannie doesn't do dumb things like this for no reason. I think this is a stall tactic so new legislation can be drawn up to "find" those notes. If the homeowner can't afford the mortgage how are they going to afford the rent? An appraiser and not a real-i-tor so not sure how it works. But you can bet if Fannie is behind it, there's something devious going on - someones trying to hide something. jmho

Seriously Speaking: (November 10, 2009 7:49am)

Apology, kind of... I apologize for blasting everyone, even though I disclaimed it as 80-90% I dont want it to be construed as everyone on this blog. There are some decent posts but to point out the same ol same ol issues on a daily basis is exhausting. Not to mention that jabbing each other for a "fat finger" mispell/mistype or an improper use of words Glut/Glutten?? Really is this all you (those doing this) have to do with your day?? Go out be positive, be productive, make money and maybe your outlook will change?? Sitting around posting nonsense and negativity isnt changing anything! Again, sorry to anyone that doesnt fall into the above category as I dont want to fall into the Hater trap myself... Peace

letthosereosgo: (November 10, 2009 7:48am)

Frank, Don't join the dark side. JK. If people did what they were supposed to do, we wouldn't have problems. This includes foreclosing on borrowers. The Lion doesn't give food to the Gazelle. he eats him! It is the natural balance of life.

Starving Appraiser: (November 10, 2009 7:47am)

LeadDog-can't really get on board w/that idea. The original plan was to reduce principal but didn't happen cause the banks would lose too much $$$ and w/IO the banks are the only ones who make $$$. And IO loans are one of the mrtg financing opts that created this mess. HO has no real interest in the property as they are not accumulating any equity. In my area, rent is generally more than a mrtg pymnt and as stated, if they can't make the mrtg pymnt, good chance they can't make the rent either. Not sure this will help anything. Now the govnmnt/banks will have PMC (Property Mngmnt Cos) .... sounding like AMCs, which hasn't benefitted anyone but the banks..... IMHO!!!

lookingforsolutions: (November 10, 2009 7:44am)

the solution is and always was to reduce principle amounts and adjust down the interest rate on all home mortgages(primary residence only) nationwide to 20% below its local real estate market . this will put the equity back in the hands of the homeowner, take the excuses away from the lenders and servicers and stop the corporate raping of american tax payers money to bail out the "to big to fail" banks and corporations. i believe that wall street and the banks should absorb these loses, they created this financial mess and are now profiting off of it while most hard working and deserving americans lose everything.

Slim Shady: (November 10, 2009 7:43am)

coopaloop: No Inventory! Maybe in some parts of the country but certainly not in most of Florida. I'd venture to say the program probably isn't needed where the market is more balanced or where there is nothing to sell. Actually wish we had that problem since this discussion wouldn't even be on the table. Fannie will probably take a dart board approach with this program anyway targeting the the worst areas first to see how it works.

Seriously Speaking: (November 10, 2009 7:39am)

Why is this blog so full of HATERS?? Man it goes to show a serious possibility of why we cannot get traction on anything as an industry we attack our own on a DAILY basis! Damn people, band together or go make someone elses day bad! I for one CANNOT wait for some blog filters here. On a daily basis I see that between 80-90% of the posts are bashing someone! Where does anything beneficial or constructive come into play.... do we rely on CUOMO??? At least that doofus stays consistent to his misinformed policy and poor decisions, as he hasnt made one good one in a long time. PLEASE post helpful info or dont post!

Helpmeimalender: (November 10, 2009 7:32am)

Why doesnt the gov. just buy these bad loans from the banks at pennys on the $. Then they can cut the principal and equity share with the client. The problem is mostly equity. Stops forclosures and should not costs the gov. a dime, they my actually make money.

coopaloop: (November 10, 2009 7:32am)

BAD IDEA-The more the government and Fannie and Freddie get involved things get worse. Now there is no inventory yet we are trying to stimulate the buyers market. So instead of letting people who qualify to pay back loans buy these properties we are going to have faith in people who havent paid there mortgage and shouldn't have gotten a loan in the first place to pay rent. All this while Fannie and Freddie are asking for tax payer bail outs. What a joke!!!

Frank Garay: (November 10, 2009 7:27am)

TJS, CMC - At the bottom of any email that is sent from the blog you can unsubscribe.

Slim Shady: (November 10, 2009 7:25am)

I agree with the Gov. home for rent program as long as it's short term with an actual expiration date. While I am a state certified residential appraiser I too just recently placed my real estate license with an agency to pick up on some extra money. I figure it may make getting listings easier. God bless us everyone!

Knox: (November 10, 2009 7:18am)

If they can't pay their MORTGAGE, why would they pay rent on a property they don't own. If they can't make their mortgage payment they should move out. There is no such thing as FREE RENT!

Hammer: (November 10, 2009 7:18am)

Hello, this fixes EVERYTHING!!!!! All the appraisers and loan officers can be the handymen, people stay in their house and will then fall behind on the rent too, and tie up the courts even more!!! GREAT!!!!! WOOOOOT!

Etiquette: (November 10, 2009 7:14am)

I agree with both of you. It makes sense to rent some properties to help ease the GLUT of properties in some areas. This allows you to gradually put those properties on the market as the market improves in those areas. I also agree that in some areas that is too problematic and also ties up capital that is needed by them.

SouthernRealtor: (November 10, 2009 7:12am)

Deedie-I had a deal with a home listed CITI too where the seller died home mortgage was upside down. Had an offer on the table. CITI could not speak with me because the seller (dead) might sue for privacy violations. They forclosed and listed the home for sale for LESS than my offer! If you expect them to make sense forget it! They went thru the entire foreclosure process and are reselling the home for less than they had on the table. Not to mention the second lender got nothing. Sh&% for brains. I spoke with about 25 different people there trying to get someone to listen. A five year old would know better!

Etiquette: (November 10, 2009 7:06am)

Frank it's a GLUT of foreclosures a GLUTTON is a person.

TJS, CMC: (November 10, 2009 7:00am)

How do I turn off video discussion fwding?

Ted: (November 10, 2009 6:59am)

Of course, Fannie has a solution in place for property management and maintainence, it is called ACORN. They have plenty of experience with "challenged" clients, are more than willing to accept any additional duties, and want to regain their former glory. Who ya gonna call? Call ACORN!!!!

Fannie Mo money please: (November 10, 2009 6:53am)

BAD IDEA! Anyhting that can make a quai governement entity biggr, I am totally against. And like mentioned, uh......the tenant's rights? Come on guys....why do we in America persist on trying to prevent the inevitable? Please, let the flu or cold take it's course and put the bandaid box away. I'm surprised that Fanie doesn't offer "we will give you your first 2 months of rent free"......sure, what the hell, it's only tax payers money..... Frank: Come back from the Dark Side and stop playing devils advocate. Govt is to big already.

Concerened American: (November 10, 2009 6:53am)

FOLKS, WAKE UP. Who backs all the loans. HUD/FANNIE/FREDDIE/ All government entities. There going to back all the money they are printing with your real estate. Think about it folks. Fannie is just the first to start and rent the hokmes back to us. Tell us where to live, what doctors we can see, what we can and can not get care for. Sound familliar COMRAD... THINK BIG DEMOCRACY, WORK FREE MARKET.

Source1Dan: (November 10, 2009 6:51am)

Let me get this straight. The homeowner doesn't make payments for the year leading up to the foreclosure and then gets to rent their same house at a reduced payment (obviously they can't afford the one they have). Sounds like another incentive to go into foreclosure to me. I bet the politicians already have there buddy's setting up the management companies as we speak!

LeadDog: (November 10, 2009 6:40am)

Maybe a better solution is if more lenders followed WF (I know...I was shocked too)lead and allowed HID (homeowners in distress)to pay IO payments...they stay in their home, take care of the property, and have a chance to get back on their feet.

Nuke 'em 'til they Glow: (November 10, 2009 6:23am)

Oh No, Frank has gone to the dark side. Darth Realtor! Ahhhhh

Eddieinab: (November 10, 2009 6:22am)

Fill the homes we have, don't build, let people rent and maybe rebuy the home they are renting!

T-Bone: (November 10, 2009 6:21am)

Dude, as the Moon Shine man you are my hero. As a realtor, you start to become the enemy. Stay pure and true as the Moon Shine man. What say the moon shine man about staying and renting?

CDPE in Lancaster: (November 10, 2009 6:12am)

What has the current administration ever thought out and planned? This is another shoot from the hip and never worry 'bout the details, feel good response. However, there's potentially a lot of work out there for property managers and maintenance folks. Welcome aboard NAR Frank.

Anonymous: (November 10, 2009 6:09am)

They can "contract" managers and handymen thus creating jobs at no cost to the tax payer.

MortgageBrokerGal: (November 10, 2009 6:09am)

Good luck, Frank! Hope it works out for you.

Deedie: (November 10, 2009 6:05am)

I have a listing that has been under contract (cash offer)since May (short sale). The bank (Citi) says they hold the note but can not produce it. 3 months ago they indicated a net figure that had to be met to accept the offer. The buyer agreed and met the figure. Last week the MI says the boworrower (seller) has to sign an unsecured note for the transaction to go through. Seller does not want to sign the note and has indicated they will quit claim the property to "The tax payers of the United States of America" (As we tax payers own Citi)any advise?

Common Sense Real Estate: (November 10, 2009 6:04am)

OMG! How can anyone even begin to think that additional government participation in our real estate market will be helpful??? Is it not yet totally clear that they will screw things up? When, oh when, will we learn?

Gdenizard: (November 10, 2009 6:04am)

Anything that allows the government to generate any kind of cash flow on what would be an otherwise dead property is a good idea.

Big Mac: (November 10, 2009 6:02am)

The renting idea is advisable on several levels. First it will help stabilize families and neighborhoods. The GSE's will save legal fees, keep some income level versus a gigantic demand for cash. Less vandalism and decay. It smart, plus it should create an opportunity to Realtors able to provide property management services. In general it will reduce losses and help stabilize families. More positives than negatives with this idea.

RealtorRob: (November 10, 2009 6:02am)

At least they are getting rent payments for the housese, in a lot of the slower and more hard hit markets they are not even collecting rent, just asking the defaulting borrower to stay in the home, keep the heat on and mow the grass and they are keeping from foreclosing. I think Fannie & Freddy are thinking that losing a lot of money now becase the market has fallen, is worse than keeping something coming in while the market slowly recovers. I think it's a better idea than the alternative, but I agree with Brian, what happens when the pipes freeze or the water heater goes out?

Katie: (November 10, 2009 6:00am)

Let's see.....now the governement will own more homes - a large landlord. They will need a management company. What is wrong with this picture

Way2Lucky: (November 10, 2009 5:54am)

I think renting is going to bring an income stream to Fannie where none exists currently, but is it really a good idea? In the late 80's President Reagan told the lenders to get the foreclosed properties off the books in 90 days, followed by President Clinton loosening up the capital gains tax which lead to the real estate boom in the 90's. How about the lenders that foreclose offering special financing on these REO's to help move them? Good Luck Frank! I was considering getting my license as well with all that's going on in the industry. If only I could find that beat up Jag!

Be Strong: (November 10, 2009 5:43am)

Oh , one more thought. Would those who oppose be in favor if Fannie Mae privatized the management of the properties? This has the potential to create thousands of "new" jobs in the private real estate arena which would decrease the unemployment rate. Of course, fees would be paid from rental income, not the government, which would help to arrest the growth of the federal deficit. Eureka!!!

Be Strong: (November 10, 2009 5:29am)

Every decision presents challenges. If we allow renting,of course, there will be NEW challenges. If we don't allow renting then forclosures will continue, neighborhoods will have no stability and the supply of homes will increase which will contimue to depress values. (Let's not kid ourselves.. there is no significant demand). Depressed values will continue to spur more foreclosures because people can't sell or refinance. We have to stop the bleeding. It is too simple for those of us who are "safe" to simply say, "Ah just let them foreclose". Sound like.."Let them eat cake". I say "let them rent!!!!"

TD Hawk: (November 10, 2009 5:27am)

Fannie and Freddie won't be around a year from now, maybe in name only. Remember the CFO who hung himself? I wonder what he knew was coming down the pike. The GSEs are taking on water fast, yet another example of the failed performance of something touched by our government.

jillsells: (November 10, 2009 5:03am)

Hey Frank--I am ready to handle all your Pinehurst NC referrals! (ayooyfm?? good luck in your new career)

NJDLMKR: (November 10, 2009 4:51am)

I agree with Frank about allowing people to stay in their homes, but I question his sanity on the decision to become a Realtor!

Anonymous: (November 10, 2009 4:40am)

http://blog.seattlepi.com/realestatenews/archives/164697.asp

Big Mac: (November 10, 2009 4:40am)

Here is Fannie Mae's look up site, http://loanlookup.fanniemae.com/loanlookup/ Freddie Mac's: https://ww3.freddiemac.com/corporate/ or call 1-800-7fannie or 1800-Freddie From an Ohio Mortgage Broker

missing the Queen city: (November 10, 2009 4:36am)

ohiorealtor....here is a FHLMC link to see if owned by cousin Freddie. https://ww3.freddiemac.com/corporate/

missing the Queen city: (November 10, 2009 4:34am)

ohiorealtor...here is a link to FNMA to check if it owns a loan... http://loanlookup.fanniemae.com/loanlookup/

ohiorealtor: (November 10, 2009 3:54am)

Can anyone tell me how you can tell who has the mortgage (Fannie Mae, Freddie Mac, VA ..)?

Sherry in Florida: (November 10, 2009 3:45am)

People in foreclosure are generally unemployed and have no available funds to meet their mortgage payments, or rent payments. The option to rent their homes from FNMA will not work any better than HARP until the job market improves.

Ezradams: (November 10, 2009 1:37am)

Frank, Good Luck!