Freddie Mac just announced that it needs $1.8 billion more to handle their 2nd quarter losses. This brings Freddie's total losses to $64 Billion!
We taxpayers are bailing out Freddie, just like we did other industries before it. Here's a quick reminder of other recent financial losses that taxpayers took the hit for (just to put Freddie's losses in perspective): AIG=$9 billion, the ENTIRE car industry bailout=$47 billion.
Are Freddie and Fannie done losing money? NOT even close. Short sales and Modifications are up 123% (year over year increase), and forbearances (where distressed homeowners get more time to make their payments) are up 655%!
Excellent home purchase opportunities lie ahead as we see more of the distressed properties enter the market. Call me to get your mortgage credit approval into place to take advantage of this opportunity.
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