The Rich Are More Ruthless!

Apparently wealthy mortgage holders are walking away from their loans “at rates that greatly exceeds the rest of the population”. I haven’t seen any of this in San Francisco, but maybe Los Altos is different; I’d love to find a nice mansion to squat in for the summer…the article makes it sound like there’s an exodus from wealthy neighborhoods; the writer describes abandoned swimming pools and toys left in the yard…I’m guessing that’s not the case.  Read the whole article here.

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Fannie Mae Going After Strategic Defaulters!

Banks are still trying to figure out how to deal with the foreclosures and short sales, so their rules are constantly changing. In a new move Fannie Mae is looking to see if owners that default on their loans could have, in fact, afforded to continue paying there mortgage, and if so, they are going after the defaulter’s other assets to pay back the amount the bank lost. Often times people are defaulting on their loans, even when they could […]

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