Short Sale, Foreclosure and Strategic Default

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Saturday, November 15, 2008

Mortgage defaults worsen

Freddie Needs $13.8 Billion as Mortgage Defaults Worsen - WSJ.com
Freddie Mac said it will need a $13.8 billion cash infusion from the U.S. Treasury as losses stemming from home-mortgage defaults surge and its future role in the housing market becomes cloudier.

The mortgage titan and its sister company, Fannie Mae, which were taken over by the government in early September, are losing ground in their mission to play a larger role in the mortgage market and to help prop up U.S. home prices. Their share of the U.S. mortgage market is falling, as lenders increasingly make loans insured by the Federal Housing Administration, rather than ones guaranteed by Fannie ...

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