More important than the quest for certainty is the quest for clarity.

- Francois Gautier

You Own the REOs

With the federal government's hand where it is not supposed to be, is it a surprise to anyone that nearly half of foreclosures are held by the federal government?

Nevertheless, the holders of REO properties (foreclosed properties returned to the bank) are going to have to do something with them sooner or later. And worse yet, almost half of those REOs are held by the government:

Based on Radar Logicís analysis, the federal governmentís REO inventory ó including homes owned by Fannie Mae, Freddie Mac, HUD, and the Department of Veterans Affairs (VA) ó has increased steadily for over 24 months and now accounts for approximately 46 percent of the nationís total REO supply.

More costs to you so the government can have control where it does not belong, and of course another fine example of the quality of outcome you can expect from the government.

posted at 10:37:03 on 07/05/10 by clearpolitics - Category: Economics - [Permalink]

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