The number of so-called prime borrowers at least 60 days behind on mortgages owned or guaranteed by the companies rose to 743,686 in January, from 497,131 in December, and is almost double the total for October, the Federal Housing Finance Agency said in a report to Congress today.
Of all borrowers who ended up in default, 34 percent told Fannie and Freddie they were earning less money, about 20 percent cited excessive debt as a reason for missing mortgage payments, and 8.1 percent blamed unemployment, FHFA said.
As Tanta said, “We’re all subprime now.” So if you think the bottom is in, you just wait – I say the drop is accelerating. Witness:
A key point for the above charts is that Fannie and Freddie loans are now blowing up at a faster rate than the entire universe of loans!
That’s right, the entities responsible for shoehorning Americans into housing are fucking up way worse than even the subprime buyers last couple years. Fan & Fred are not allowed to buy subprime mortgages. No wonder that exec offed himself. And this is gonna have a knockdown effect because…
We’re gonna pay for the mess. Fan & Fred have gotten several hundred billion dollars in failout funds and I’m guessing are going to get a whole bunch more before they fail entirely and we all end up paying each others mortgage through taxes (well except me because I don’t have one, I’ll just be paying yours while paying my rent. I lose.)
Tags: bitch bitch bitch, depression 2.0, no really we're really fucking fucked this time