New Yory Times Article

FANNIE MAE knew in 2005 about the Mortgage and Servicing Fraud, but when confronted conspired to cover it up. In documents published in the NY Times, it has become apparent that FANNIE MAE did investigate and find the industry wide fraud and instead of addressing it or fixing the problem, ignored it and in some ways conspired to cover it up. Where is the accountability? Will they be prosecuted ? Will they get their bonuses?

Call it what you will—the “shadow inventory,” the “distressed inventory,” the “foreclosure pipeline”—but if you ask five researchers how many houses or mortgages we should worry about, you’ll probably get at least five completely different answers. Given this, Developments examined these worrisome numbers and see how they stack up." There are 4 million loans that have either been delinquent for 90 days or more or are in foreclosure. Between 8.2 million and 10.3 million loans are expected to be subject to distressed sales over time. 4.3 million homes are being held back from from sale. Some estimates put this shadow inventory at 15.3 million. Only time will tell how bad it was. SEE:

How Many Homes Are In Trouble Article

January 04, 2012| By Donna Gehrke-White, Sun Sentinel Now is the time to make the hard decision: Are you going to walk away from your underwater home? Uncle Sam is still giving homeowners until Dec. 31 to go through a short sale or foreclosure without tax consequences -- as long as the lender officially releases the debt.

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