And the bleeding goes on...

There are some 90,000,000 residential housing units in the United States all

of the Wall Street darling "experts"... S&P Case Shiller, RealtyTrac, Trullia, Zillow, etc.

somewhat agree that the number of homes CURRENTLY underwater is 23%... as a

percentage "not awful".... but in a real number it is 20,700,000 homes in trouble...

For the better part of three years I have warned that these very same "experts", who

at that time estimated the number of problem loans to be around 5-8 million, were

off by a factor approaching 100%... I was wrong... by their own numbers, they

are off by about 150%...

AND, based on my no less expert analysis the number actually, currently underwater

or in trouble is closer to 25,000,000... then add that to the number that have already

been foreclosed upon or sold as a short sale, and when this is done we will have run

through over 50,000,000 homes... 50 million families devastated... ah, but Wall Street is

doing just fine...

What don't I understand... Hillary Clinton immediately blamed mortgage brokers for the economic free fall... Those sub-prime loans the mortgage brokers created were responsible for the crash... they stole the equity from poor innocent unsuspecting buyers and homeowners... Little or no down payment, interest only loans, less than perfect credit... They made loans to people who should not have been buying homes... Right... So, please explain the following:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage
  
• HomePath Mortgage financing is available.

"....In addition, first-time home buyers can now use the $8,000 federal tax credit to help cover a down payment and other upfront costs if they are taking out a loan backed by the Federal Housing Administration...." The above is from Fannie Mae HomePath in selling off the REO properties that it owns... Do I smell a rat or what... are these guidelines even more onerous that the sub-prime loans... What don't I understand....

Go figure!!!

Explain this to me please.... congress and the media blamed the mortgage industry for writing what was called sub-prime financing... to people with feces for credit and little or no cash in the transaction... and then blame mortgage brokers for the entire melt down... and soooooo here we go to the Fannie Mae HomePath web site... seems that they have those REO's to sell off...
http://www.fanniemae.com/homepath/financing/index.jhtml

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage
  
• HomePath Mortgage financing is available from a variety of lenders...

Guess when the government does it all is good... do as I say not as I do...

What am I missing?