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Fannie Mae quarterly earnings and outlook spell disaster for home values

Tue Aug 12, 2008 08:08AM | By Tony

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I had always little belief in so called Wall Street analysts, and their forecast of Freddie Mac and Fannie Mae losses is simply laughable. So Fannie Mae lost cool $2.3 billions in quarter as defaults on Alt -A home loans, which have become the latest culprits, rose in a hurry. That was three times more than analysts expected.

Naturally, Fannie Mae will stop buying such loans, essentially eliminating them. Now the borrowers with decent credit scores, but without sufficient incomes, assets or small or no down payments, will be left in the cold. Those borrowers of course were chiefly responsible for meteoric and baseless rise in home prices. Then Fannie will also raise its mortgage fees, passing onto borrowers as higher interest rates or closing costs. The end result in the making is even more depressed home values, higher inventory of unsold homes and more foreclosures. And Fannie Mae is opening offices in California and Florida to sell bulk foreclosures to investors.

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