Such fears have been intensified by the rising number of defaults in the prime mortgage sector in which Fannie and Freddie operate. In March this year, Fannie and Freddie had a capital base of $81 billion against loans and loan guarantees of $5.3 trillion. This has given rise to fears among investors that the two quasi-public or pseudo-private institutions are, despite implicit government backing, over-extended in relation to their relatively small capital base. Fannie/Freddie now hold almost half of the total $12 trillion US mortgages and are currently financing between 60% to 80% of new mortgages for family homes. Mortgage lending from commercial banks has almost dried up.
The credit crunch is far from over and the US housing crisis is deepening. This development contradicts the recent, optimistic claim of the IMF that the credit crunch is easing and that world economic growth is about to recover. The Fannie/Freddie debacle is a further, ominous twist in the crisis of the core banking system. A collapse in the value of these securities, totalling around $5 trillion, would have disastrous consequences for the world capitalist economy.
Fannie mae foreclosures in georgia mac#
Only three months after the meltdown and bailout of Bear Stearns, the US Treasury and the Federal Reserve have once again been forced to intervene with emergency measures to forestall a potential crash in the global finance system.īoth US banks and foreign investors, including central banks, hold billions of dollars of mortgage-backed securities issued or guaranteed by Fannie Mae and Freddie Mac (the official acronyms for the Federal National Mortgage Association, set up in 1938, and the Federal Home Loan Mortgage Corporation, set up in 1970). © 2009 First Multiple Listing Service, Inc.Pdf version The Fall of Fannie and Freddie: Symptom of growing crisis in world capitalismįannie Mae and Freddie Mac, twin pillars of US housing finance, have been plunged into crisis. Information is deemed reliable but is not guaranteed Real estate listings held by brokerage firms other than the owner of this website are identified with the FMLS BR trademark and the listing broker is also identified on any Details page. The content on this page relating to listings of real estate for sale comes from First Multiple Listing Service, Inc. Listing Provided Courtesy of Rasmus Real Estate Group Inc Search all of Cobb County Foreclosures HERE Our choice of "BEST VALUE TOWNHOME FORECLOSURES" give me Don a call at 77ĬLICK HERE to view "MY CHOICE" of "BEST VALUE" FORECLOSURE TownHomes in Cobb County, GA So if you are in the market to view one of the best value Townhome foreclosures in the Smyrna Vinings GA area or any of This Townhome is one huge unit and in fact almost twice the width of your typical towhome. I can show you this townhome any time.Ĭall Don at 77. So if you are in the market for a High-end townhome in the Smyrna~Vinings, GA are this should be on your list of towhomes to preview.
Fannie Mae wants to sell homes that they have taken back from banks quickly. When a home is owned by Fannie Mae you can rest assured of a quick closing and no haggling. This is one incredibly well priced foreclosure and should not be overlooked by anyone who is seriously seeking a townhome in the Smyrna/Vinings, GA area. The Laurel Hill subdivision in Smyrna, Ga is ot the corner of Concord Rd and King Spring Street. This townhome is in one the most desirable towhome comminities in the immediate area. It is owned by Fannie Mae and one of a very few that approach 3000 square feet. At a list price of $269,900, this is an "our choice" of a " BEST VALUE TownHome FORECLOSURE.
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