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Thursday, April 27, 2017

Remember when Obama borrowed money from Fannie and Freddie? They are now about to be audited for the first time ever

The nation’s mortgage giants have been bailed out by tax payers in excess of $187 billion so far as a result of the foreclosure crisis. Fannie and Freddie are managing major inventories of foreclosures, which are called REOs after they are officially repossessed by lenders. There were about 180,000 in both mortgage giants inventories combined at the end of 2011.
“The Enterprises are likely to face additional REO management challenges due to the fact that more than 1.1 million of the mortgages they presently own or guarantee are seriously delinquent,” wrote Office of Inspector General Director Richard Parker.
Day to day operations of both government backed enterprises is being directed by the Federal Housing Finance Agency (FHFA), started by the Obama administration. The governments watch dog is trying to prohibit additional financial losses with its inquiry prior to the launch of a government program that would sell bulk inventories of foreclosure homes to major investment groups at deep discounts.

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