Here Come the GSE Foreclosures?

Perhaps, the Obama White House isn't talking to one of its wards, Fannie Mae. Follow my logic here: the Administration is giving government grants to the unemployed (in certain areas) so they can continue paying their mortgages. But Uncle Sam also owns Fannie (and Freddie Mac). A new bulletin sent to seller/servicers from Fannie tells them to get off the stick and start foreclosing on homes – or face the risk of paying steep fines. (What happened to a kindler and gentler nation? Oh wait, that was Bush I.) Also, players in the foreclosure and nonperforming loan market tell us that both Fannie and Freddie may step up their foreclosure efforts between now and yearend. "There has been a sea change in the thinking at the agencies" one vendor who has worked with the two told us. If you have any intelligence on the matter drop me a line at: Paul.Muolo@SourceMedia.com...