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Jasper M
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Retired, 48, been making my own financial decision since I was 17. Every day, for the rest of my life, I will be a recovering Merrill Lynch customer. Proudest Financial Moments: Personal Best return on equity: 20/1, Leap Puts on Citi & GE, closed in late 2008 Personal best adjusted for... More
  • Fannie Mae's wet noodle 0 comments
    Jun 25, 2010 11:38 PM | about stocks: FNMA.OB
         All over the news now is Fannie Mae's stated intention of a 'death penalty' for strategic defaulters: Anyone walking away from a mortgage they are judged to be capable of paying will be barred from obtaining credit through that agency for 7 years.
       Big Deal.
       Fannie is overestimating itself. Again.
       In seven years, Fannie Mae will be Dust, and virtually No One will be getting credit, for much of anything, especially real estate, putting all those "locked out" defaulters on pretty much the same footing as the rest of the country. 
         This is a demonstration of yet another government endeavor that is out of ammo, and now bluffing with blanks. I just wonder if they are smart enough to know it? Based on the record so far, I am going to guess not. 

    Disclosure: No positions
    Themes: mortgages, strategic default Stocks: FNMA.OB
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