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Old 09-28-2008, 09:39 AM   #1  
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Default Townhouse For Sale! Cheap!

This is a very interesting article from the Washington Post about this "ugly duckling" townhouse in Dale City, Prince William County. It is an indictment of our government and financial people who foist irrational mortgage schemes on people who have no business going into these loans.

Quote:
By Joel Achenbach

updated 9:09 p.m. PT, Sat., Sept. 27, 2008
WASHINGTON - The American taxpayers own Yellowstone, Yosemite, the Grand Canyon, dozens of parks, monuments, wildlife refuges, forests, pastureland, government complexes and historic sites. And now, for all intents and purposes, the American people are the major stakeholders in a little townhouse at 14746 Barksdale St. in Dale City.

The titular owner is Fannie Mae, which the U.S. government effectively subsumed this month, though the legal machinations are still ongoing. With the Treasury backing Fannie Mae, taxpayers have a huge interest in the fate of the mortgage giant's assets. They include the 1,296-square-foot, two-level, three-bedroom, 1 1/2 -bath house on Barksdale.

The most recent owner, Phyllis High Jones, refinanced the house through Countrywide Home Loans in 2006, taking out a $208,000 mortgage that would gradually inflate to $226,000. That same year, Fannie Mae bought the loan from Countrywide. Then the housing market collapsed in Prince William County. Jones defaulted this year. The townhouse went up for auction, but there were no takers. Fannie Mae had no choice but to become the buyer of record -- sale price $226,000.

Fannie, taxpayers become partners - Washington Post - MSNBC.com
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