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News Link • Housing

Fannie Mae getting those destroyed deeds back with your bailout

• San Francisco Chronicle
Last week it gained legitimacy when housing giant Fannie Mae said it would do just that, offering one-year leases at market rates to people who sign over their homes as a deed in lieu of foreclosure. Voluntarily surrendering homes instead of having the lender repossess them doesn't wallop the borrowers' credit as much.

1 Comments in Response to

Comment by Richard Stone
Entered on:

This sounds like a great idea until you think this thru more than one step ahead. When you do this you make the government the landlord. The landlord is responsible for paying property taxes, insurance on the property and repairs on the property.The landlord is also open to all sorts of legal actions from tenants with tenants rights and abuses. This will be another cash for clunkers bondoggle that the government hands the taxpayers the bill. There are so many places in this idea for abuse of the taxpayers money that it is unbelievable! It would be cheaper for the taxpayers to write off the mortgage and walk away. Would this only be offered to legal citizens and have "undocumented democrats" removed and deported? Could somebody please pay my taxes, insurance, and do repairs on my house or just write the mortgage and walk away?  Did Acorn come up with this idea? Ask questions! Question with boldness!

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