tag:blogger.com,1999:blog-32869165.post4448503947213683539..comments2024-03-08T07:09:46.527-07:00Comments on Pro Libertate: Briefly Considered: Scrimp and Save, Make Your Payments ... And Lose Your Home AnywayWilliam N. Grigghttp://www.blogger.com/profile/14368220509514750246noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-32869165.post-22131355715334498292007-09-14T11:15:00.000-06:002007-09-14T11:15:00.000-06:00Henry -- Fannie and Freddie are WORSE than AHMC, b...Henry -- Fannie and Freddie are WORSE than AHMC, because of the assumption (inaccurate, as it turns out) that those lenders are backed by the "full faith and credit" (pause here for derisive, heart-attack laughter) of the federal government. <BR/><BR/>Just a few years ago, Fannie and Freddie suffered an Enron-style stock meltdown because they were engaged in exactly the same kind fraudulent bookkeeping, on a much larger scale. They were doing long ago what major lenders like AHMC have been doing more recently, and with far greater market exposure.<BR/><BR/>It wouldn't surprise me at all to see Freddie's behavior toward AHMC and its clients replicated many times over in the coming years. I could be wrong. I earnestly hope I am.William N. Grigghttps://www.blogger.com/profile/14368220509514750246noreply@blogger.comtag:blogger.com,1999:blog-32869165.post-43403721887329372302007-09-14T08:42:00.000-06:002007-09-14T08:42:00.000-06:00Will, why do you think that Freddie Mac will face ...Will, why do you think that Freddie Mac will face the same sort of financial difficulties as AHMC? You don't really state why. AHMC made lots of questionable loans, either the so-called 'sub-prime' loans (which I think means that they lent to people who really could not afford the payments) or loans to people made without checking the income documents that were provided. Sometimes AHMC simply took people at their word.<BR/><BR/>Such actions are financially quite risky, and AHMC is paying the price as are, apparently, many homeowners. But it is not at all clear that Freddie Mac had the same practices, though it's hard to be sure, as it seems to me that Freddie Mac is rather secretive (not compatible with its semi-governmental role).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32869165.post-22561038307324068522007-09-13T20:13:00.000-06:002007-09-13T20:13:00.000-06:00Will:I actually encountered something similar. My ...Will:<BR/><BR/>I actually encountered something similar. My prior mortgage company made a clerical error in the check to the county, it took months to resolve, and I was getting delinquent tax notices in the interim. Finally, a replacement check was issued. I have since changed lenders, but elect to pay the taxes myself. <BR/><BR/>One note, I always understood that if you had the mortgage company pay your taxes, that part of your mortgage bill reserved for taxes, is supposed to be escrowed (held in trust) so regardless of the solvency of your lender, those monies are NOT to be touched. They never should be in a general operating pool (or your lender)to begin with.stevechttps://www.blogger.com/profile/02073894073272312646noreply@blogger.comtag:blogger.com,1999:blog-32869165.post-25647507235838203992007-09-13T14:43:00.000-06:002007-09-13T14:43:00.000-06:00I was not aware this could actually happen. If I ...I was not aware this could actually happen. If I were I would have opted to pay my real estate taxes directly instead of having them escrowed with my mortgage company. Very scary.Anonymousnoreply@blogger.com