Analysts Question Fannie Mae Plan
Fannie Mae intends to file lawsuits against so-called strategic defaulters and force them to wait seven years before obtaining another mortgage backed by the organization. But experts wonder how the firm will determine which home owners defaulted strategically.
Experts also question whether the policy is viable given its departure from White House initiatives to bolster the housing market.
The policy is intended to force borrowers to pursue short sales or surrender the deed, rather than enter foreclosure, says Fannie Mae.
Source: New York Times, David Streitfeld 06/25/10
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.