The housing and finance markets are stuck and they are not going to get unstuck. We all also need to understand that home ownership in this country is a delusional myth and has been for decades. Americans don’t own their homes, they rent them from the federal government through its agents Fannie and Freddie.
And just ignore all the absurd suggestions that America is Free and Democratic (GOOD) while other countries are Socialist and Communist and Confiscatory (BAD)…..have a look around and dig behind the slogans and the perceptions. An excellent case study that makes the point so dramatically can be found in the guidelines that were recently released by Fannie Mae. Forget about who you make your mortgage check to, forget who might be an investor in the mortgage backed security that holds your loan, Fannie and Freddie are the real Wizards Behind the Curtains….just read the attached requirements and understand who the servicers work for and are beholden to…..and then wonder why there are no modifications or short sales or principle reductions……
