REALTOR® Magazine-Daily News-Fannie Mae Cracking Down on Strategic Defaults
JMO:
For many states with anti-deficiency statutes, like Arizona, the possibility of being sued is minimal. However, the bigger "take away" from this article is that lenders are being pressured to do "principal write-downs". In effect, writing a new mortgage based on current market value and conditions. This would be a huge step in slowing the pace of foreclosures, deeds in lieu and short sales. I'm also waiting for Fannie/Freddie to realize that we need to create some benefit for owners of investment (rental) properties as well. Right now, all the government endorsed programs are designed to benefit owner-occupants of primary residences. I'll continue to follow these developments and keep everyone updated.
Thursday, June 24, 2010
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