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Fannie, Freddie & Foreclosures: The untold truth.
The Reality you don’t hear from the news or congress
By: Bill Hitchcock

98.3% of all loans are current! Only 0.12% had foreclosure initiated. Of the foreclosures initiated almost half found an equitable solution through mitigation.

Foreclosures are not a national problem. They have been isolated in location and minute in numbers in comparison to the over-all lending picture. Unfortunately, It is systemic in that the consequences of foreclosures are trying to be absorbed and circulated throughout the entire country.

The “Research Institute for Housing America” sent out a press release on September 5 stating, “Only eight states had rates of foreclosure starts that were above the national average: Nevada, Florida, California, Arizona, Michigan, Rhode Island, Indiana, and Ohio. The remaining 42 states plus the District of Columbia were below the national average.

“California and Florida alone accounted for 39 percent of all of the foreclosures started in the country during the second quarter and 73 percent of the increase in foreclosures between the first and second quarters.” Added Jay Brinkmann, Mortgage Bankers Associations Chief Economist and Senior Vice President for Research and Economics.

Foreclosures are not a national problem.

The “Office of Federal Housing Enterprise Oversight’ just released a very revealing report titled, “Federal Housing Finance Agency Mortgage Metrics Report Disclosure and Analysis of Fannie Mae and Freddie Mac Mortgage Loan Data for Full-Year 2007 and First Quarter 2008”
The report focuses on the delinquencies, loss mitigation actions, and foreclosure data reported by more than 3,000 approved servicers.

Here are some of the highlights from that report

Total Loans, Debt Load & FICO Score: As of March 31, 2008, a total of 30.4 million first lien residential mortgages with total outstanding balances of $4.4 trillion had been serviced for Fannie Mae and Freddie Mac. The combined portfolios had a weighted average FICO score of 722 at origination.

Delinquent Mortgages: As of March 31, 2008, 30.1 million of the total loans serviced (98.83 percent) were current or less than 60 days delinquent. The proportion of 60-plus-days delinquent mortgages in the total portfolios was 1.17 percent. A mere 0.12 percent of mortgages in the Freddie Mac and Fannie Mae mortgage portfolios had foreclosure initiated.

*Of all the loans that Freddie Mac and Fannie Mae service 98.3% were current or less than 60 days delinquent and only 0.12% had foreclosure initiated.

Loss Mitigation: Loss Mitigation actions attempt to work out an equitable solution to avoid foreclosure. Solutions include (but not necessarily limited to) forbearance plans, short sales, assumptions, payment plans, loan modifications, and charge-offs in lieu of foreclosure.
Prime loans in foreclosure: 47.1 percent in 2007 to 44.1 percent in the first quarter of 2008 went into loss mitigation proceedings. 92.4 percent of 2007 loss mitigation actions and 90.3 percent of loss mitigation actions in the first quarter of 2008 allowed prime borrowers to avoid foreclosure and retain the property.

Nonprime loans in foreclosure: The loss mitigation performance ratio for nonprime mortgages increased from 59.6 percent in 2007 to 60.1 percent during the first quarter of 2008.
96.4 percent of 2007 loss mitigation actions and 96.6 percent of loss mitigation actions during the first quarter of 2008 allowed nonprime borrowers to avoid foreclosure and retain the property.

Up to 60% of the folks who were in foreclosure, as high as 96% of them were able to come to an equitable conclusion and avoid foreclosure

Foreclosures have been concentrated in a few geographic areas, the actual number of foreclosures is infinitesimally small in comparison to all loans serviced by Freddie Mac and Fannie Mae and a significant number of the foreclosures initiated were resolved through mitigation.

All information was derived from the Research Institute for Housing America and the Office of Federal Housing Enterprise Oversight.
 

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Alot of that is over my head and I`m not too good at staying current on current events. However I am smart enough to know alot of people try to have more house than they need . I`m 39 and mine was paid off in May.

:)-stu
 

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The problem is with poorly run institutions, who were allowed to do banking, yet were not commercial bankers. The government is bailen' out those who made poor decisions and instead of putting them in jail or taking their stocks and salary to pay for the losses, they are helping them by finding a way for the honest taxpayers pick up the bill. The government is being led by Wall Street, the same ones who pushed for investment firms, insurance companies, and brokerages to be able to do banking functions. They are no better than the World Coms and Enrons of the world. Sink or swim! Just my opinion.
 

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Slowriser I agree with you.I have watched and wacthed TV on this mess.At first the demc" tryed to push it in,The rep"did not agree to start with.As first said,they put the blame on Mccain.Any way what they are trying to push in.They got cought by the rep" a little of truth is starting to come out.The demc were trying to play politicks"by blaming someone els.They where trying to play slide of hand.Getting every body to look some place els,why they were hidding some thing.My self,I feel sorry for Mccaine.The one man that will stand up and get in the middle of things.Took a beating by the press and Demc".Sorry but that is wrong.But as long as the rep"are in there.The truth may come out.Thats why they will not agree to it.:eek:Sorry did not mean to get so deep in to it.Sorry Sorry again:eek:
 

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May I add one more thing?The bill has acorn on it.That one supports,and the outher does not.Acorn has inbesament ,fraud,miss leading the public.The demc"wants us to give them 20percent of the profits thats maid.would you vote for them to get it.As I said the truth will start coming out.:eek::eek:Acorn all so helps the demc by suporting them!!!!!!1
 

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This is something that could really get folks' hair raised on their necks. I am always wary of the Dems, they push too much government down your throat. They want to give it away and let those who work hard pay for it. I got a proposal, instead of making up funny money to bail those companies out, they should have to go for the next 10 years without a pay increase in congress. I bet they'd think twice about that.
 

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If anyone is interested in how we got in this mess with subprime mortgages I have a powerpoint presentation that it's a VERY entertaining explanation, it does have a few "ugly" words (as my late mom would say) just send me a pm with your email address and I'll send it to you.
 

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To day I saw a friend on tv.Yes I say friend,I"ve had lunch at silver spoon years go with him.He has did a lot for all huntters and gun owners.3 to 4 weeks ago I said.We need to vote our congress out!To my saprize to day.I saw Ted newgent on tv saying the same thing and saying why!Just something that hit me kind of funny.:p
 

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A mere 0.12 percent of mortgages in the Freddie Mac and Fannie Mae mortgage portfolios had foreclosure initiated.
The Wall Street guys have always told us they know how to take a little bit and turn it into a whole lot, and now they've proven it... They managed to turn a little number like a 0.12% foreclosure rate into a gigantic number like $700 B-B-B-B-illion. Truly Amazing!
 

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Jeff,do"nt know if you saw what they say now!!!They need a trillion and a half to get out of mess.They are talking more about ACORN on how DEM" has them in bill.Trying to hide them.They gain to make way up in to millons.The REP" are ticked.
 

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I do"nt like this bill the same as a lot of you.But we have to do something.FRED BARNIE some body needs to give him a big foot in the behind.Who you vote for is your right.Lets keep it that way.I think-myself !!!We need to get McCAIN back on this.He puts his views to the side.And says we the congress.Lets get it fixed.He loves this country.
LETS GET IT DONE!!!!!
 

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Please do not reply back to this.The bill past,but at what at what coust.The DEM"AND REP"" played games with us. I beleve if you go to war for our country you show something.That that no body,Ido mean nobody can take a way from you.That a lone shows how munch you love AMERICA. ANY ONE THAT SERVES IN THE ARMED FORCES IS A HERO .The one man that droped every thing and stood a lone.Why the outher stood on side line.The one tryed to help gets hardly his name said.But the side line man,gets all the prays for helping.See I kow about the love for this country beeing a vet allso.I hope nobody gets ill about what I said.Thats not what I ment to do.Please do not leve any thanks if you a gree.Please for give me for saying this,but it is true heart
 

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Grandpaa you are right on the truth. I don't even think you should be capable of running for the presidency unless you have served in a war and put your life on the line.
 

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The bill past,we the american people learned a lot.It is the time to look at the Big picture.What have we learned from it?4 to 5 years ago all the republicans voted for regulation on fanny&freddy! The democrats voted NO.They had more votes.We need to look at who gained from this.Not us!!We need the the same amount of people on bouth sides as Rep '&Dem".So this will never happen again.WE need to look at who Fannt&freddy suportted and gave money to.No matter who it is.We need to vote them out ASAP!!We are heading towards a depression.
It"s not our fault,It"s the people we have in Office.WE just need to open our eyes and see.And never for get this.Or let it happen again!!!!!:eek:
 

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Hi Y'all,

I'm against the $85,000,000, 000.00 bailout of AIG.

Instead, I'm in favor of giving $85,000,000, 000 to America in

a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000

bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman

and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a

We Deserve It Dividend.

Of course, it woul d NOT be tax-free.

So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000, 000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000 .00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it'll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent's medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Remember this is for every adult U S Citizen 18+ including the folks

who lost their jobs at Lehman Brothers and every other company

that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out

a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can "never work."

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion

We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.

And remember, The Family plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

Kindest personal regards,

A Creative Guy & Citizen of the Republic.
 

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Hi Y'all,



So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a
Well, while amusing that right there sums up one of the reasons we're in this situation.
85B / 200M = 425

NOT 425,000. JUST 425$.
Don't get me wrong, I'm all for 425$, but it's not going to help anything.
The problem is if you make 50k a year, you can't spend 60k a year.
In fact, if you make 50k, you can spend closer to 25k. After taxes and what you SHOULD be saving.
But there are people with less than 50k salaries "struggling" to afford their 500,000$ houses.
:mad:
Craziness.
 

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My hat is off to all of you.Thank you Bill Hitchcock,NC ANGLER.This has been a eye opening window.
now we can see what goes on in D.C.Now seeing this do we trust them to handel INS for us.A health plan for all americans.Only thing I say is look at what goes on I my self like to get my own.I trust myself better than I do them.There is no fat I can add to it on a bill like they do'.
The banks and so forth say they need cash.Then why do they keep turning me down.I"ve tried to buy 2 houses pay cash for them.But yet they turn there nose up at me.1 was 35,000 my offer was 31,000 nobody els has bid on it.2 was 29.500 needs major major work on it .22.000 my offer.nobody has even bid on it in a year.But yet they will not anser back.What is the truth please tell me somebody.
 
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