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Close to half of all Az mortgages are 'underwater'

Just under half of all Arizona mortgages were "underwater" in spring of this year, the second-highest percentage in the nation, according to a report from a private research firm. CoreLogic said only Nevada, at 63 percent, had a higher rate.
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1
116 comments
Jul 25, 2011, 6:24 pm
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Practically everyone that bought a home from 2005 to 2009 has lost value..big time.  The ones that bought with nothing down are screwed, the others that put 10 or 20 percent down have lost their cash and any hope short term of being able to sell and having $ to put down on another home.  I hope Barney Frank, Fannie, Freddie and anyone else responsible for lowering qualification standards and down payment requirements for home loans rots in hell.

2
172 comments
Jul 25, 2011, 7:33 pm
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Tucsongirl-
Blame the Repugant-icans.
If you research Fannie Mae(FNMA), you will learn that the actions which brought about this entity’s troubles, placement into conservatorship and de-listing on the NYSE occurred under the Resident Junior George Bush and his Repugnant-can cronies.
Wikipedia notes:

In July 2008, the government attempted to ease market fears by reiterating their view that “Fannie Mae and Freddie Mac play a central role in the US housing finance system”. The Treasury Department and the Federal Reserve took steps to bolster confidence in the corporations, including granting both corporations access to Federal Reserve low-interest loans (at similar rates as commercial banks) and removing the prohibition on the Treasury Department to purchase the GSEs’ stock. Despite these efforts, by August 2008, shares of both Fannie Mae and Freddie Mac had tumbled more than 90% from their one-year prior levels.

On Oct 21, 2010 FHFA estimates revealed that the bailout of Fredie Mac and Fannie Mae will likely cost taxpayers $224–360 billion in total, with over $150 billion already provided.


Wikipedia also notes:

Fannie Mae and Freddie Mac have given contributions to lawmakers currently sitting on committees that primarily regulate their industry: The House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee.[citation needed] The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president.

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