Bye-Bye Fannie And Freddie…Nice Knowing Ya!|Realtor Coaching Students, Must Read)
Harris Real Estate University Realtor Coaching Students….the news of Fannie and Freddie (more or less) going the way of the 8 track player should be no surprise. We told you this was coming well over a year ago. Its safe to assume that the government is expecting the housing markets (thus, losses to Fannie and Freddie) to become much worse before they get better.
Where is the good-news in all of this weeks bad-news?
Simple, learn how to do short sales…how to work with REO’s. When you do you will make this your best market ever. Get started now by downloading the Agent Short Sale Secrets 7 Part Crash course. You will learn the true short sale secrets used by 1000s of top Realtors nationwide. Instant Free Download NOW.
U.S. officials told Fannie Mae and Freddie Mac Friday the institutions will be placed in conservatorship, The New York Times reported.
Under the plan, the government would guarantee the two mortgage giants’ debt. Top executives and the boards of both institutions would be ousted, and shareholders would lose most of their investment.
Senior Bush administration officials told the Times the executives were told in separate meetings that the plan would become public before Asian financial markets open for a new week Sunday.
President George W. Bush signed a law this summer allowing the government to provide Fannie Mae and Freddie Mac with capital through loans or direct investment. Treasury Secretary Henry Paulson said then that he thought the measure would restore confidence in the two lenders.
Both companies reported large losses in their quarterly financial statements last month and predicted further drops in housing prices.
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