GLOBAL
REAL ESTATE MARKETS FORUM
4Rs:
Realty Reality
Recommended Reading
with
Editorial Comment
Scandal
Shakes Fannie
by Jim Tharp @
NYPost.com
September 23,
2004
See http://www.nypost.com/business/19608.htm
&
US
Finds Fannie Mae Accounting Problems
by Reuters @
Reuters.com
September 23,
2004
See Reuters
EDITOR'S COMMENTS by Ole Bear, Editor
Given that states like Missouri [and California] are considered by the FBI to be hot spots of mortgage fraud [and realty appraisal fraud], and seeing first hand how much Fannie Mae and the other Federal Re$erve GSE Step-Children are losing on the local foreclosure scene here in Central Missouri, we suspect the nice Federal Regulators and Investigators should hop a plane to Main Street America to see how much these Rascals are really losing in the foreclosure scene, and compare that to their loan loss reserves? Perhaps some of those bonuses the Fat Cats at Fannie Mae have been getting should be given back to help mop up the blood in the streets? Hey, when some JackLeg appraises a property for $91,000, and Fannie Mae liquidates it in the open market at market value of $65,000 and chump change, you do the math!
Ole Bear Editor
© 2004 Realty Reality
