Tuesday, May 10, 2011

Fannie Mae's 10Q

Ticker highlights a few bombshells in Fannie Mae's 10Q--which the MSM hasn't exactly, ahhh....written about.

Properties that are vacant and held off the market, combined with the portion of properties backing seriously delinquent mortgages not currently listed for sale, represent a significant shadow inventory putting downward pressure on home prices.

OK. So the Milwaukee Realtors' assessment that 'prices will not deteriorate here' may be foofoodust? Recall that M&I has issued serial no-foreclose letters lately?

According to CoreLogic, approximately 11 million, or 23%, of all residential properties with mortgages were in a negative equity position in the fourth quarter of 2010

Ugh. Fug-ughly.

...widespread concerns about foreclosure process deficiencies could suppress home sales in the near term and interfere with the housing recovery.

Title, title, who's got the title??

There's more, including the possibility of FNMA going into receivership. Soon.

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