#FANNIE MAE FORECLOSURES NEW YORK MAC#

The Congressional Budget Office predicts that the final bill could reach $389 billion.ДЇannie and Freddie increased American home ownership over the last half-century by persuading investors to provide money for mortgage loans. So far the tab stands at $145.9 billion, and it grows with every foreclosure of a three-bedroom home with a two-car garage one hour from Phoenix.

#FANNIE MAE FORECLOSURES NEW YORK MAC#

Bridwell on a recent sun-baked morning, steering a Hummer through subdivisions laid out like circuit boards on the desert floor.ДЇor all the focus on the historic federal rescue of the banking industry, it is the governmentвЂ™s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money.

вЂњWeвЂ™re all working for the government now,вЂќ said Mr. In a good week, he sells 20 homes and Fannie sends another 20 listings his way. The mortgage finance companies, created by Congress to help Americans buy homes, have become two of the nationвЂ™s largest landlords.Д«ill Bridwell, a real estate agent in the desert south of Phoenix, is among the thousands of agents hired nationwide by the companies to sell those foreclosures, recouping some of the money that borrowers failed to repay. They owned 163,828 houses at the end of March, a virtual city with more houses than Seattle.

В— Fannie Mae and Freddie Mac took over a foreclosed home roughly every 90 seconds during the first three months of the year.

Fannie mae foreclosures new york