Tuesday, December 9

More On Bad Fannie and Freddie Loans

When the market is politics rather than failure or success of both lender and borrower:

Andrukonis and others expressed concern about another type of mortgage Freddie was buying, where neither income nor assets were stated on the loan application. Andrukonis said these were popular with Hispanic borrowers, but the delinquency rates of 8 to 13 percent were much higher than on conventional loans. People familiar with the matter said Freddie was being pushed by advocacy groups to come up with new loan products to offer to low-income and minority borrowers.

Andrukonis acknowledged that getting out of this business could cost $50 million annually and draw criticism. "On the other hand, what better way to highlight our sense of mission than to walk away from profitable business because it hurts the borrowers we are trying to serve," he wrote.

1 Comment:

Juliet Quin said...

Hello Everybody,

My name is Mrs.Juliet Quin. I live in Canada and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $30,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $30,000.00 Canada Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please
contact him tell him that is Mrs.Juliet Quin that refer you to him. Contact Mr.Lim Koh via email: (lim.koh56@yahoo.com)