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Had Fannie and Freddie not been mandated by our government to write sub-prime and risky loans, those securities being traded and sold would have held their value. In addition, how could these companies not see that the real estate they were writing loans for was way overvalued yet they continued to write “zero down”, ” no credit, bad credit, no problem” loans?

Please explain how Wall Street is more to blame than Freddie and Fannie. I’m willing to learn.

My husband and I filed bankrupcy in February (discharged then) and our mortgage is now listed on my credit report as discharged (the loan was only in my name), however we are still making payments and living there. We owe appx $ 100,000 on a home that is probably worth $ 40,000 due to the economy falling so bad (we’ve lived there 8 years) and the neighborhood is getting scary. SO, my father whom has about an 800 credit score said he would co-sign on a house for us. He has his own mortgage and a car payment, that is about it. I found a house we want for about $ 30,000 and could put about 5% down. With my dad being a co-signer or “buying” the house for us, do you think my dad (or we w/ my dad) can get approved? Would it be best to have my dad and husband on the loan considering my husband has ZERO debt whereas I have a student loan and car loan in my name? Plus my husband makes about 2x what I do a month.

4 Thoughts on How can you blame mortgage backed securities and wall street as a bigger culprit than Freddie and Fannie?
  1. Reply
    Ridem H
    January 26, 2011 at 12:01 pm

    You can’t. The only way you could is if ACORN was working for them instead!

  2. Reply
    Improper Bostonian
    January 26, 2011 at 12:56 pm

    The blame should be placed on greedy people who took out these loans knowing full well they could not afford to pay them back.
    What ever happened to personal accountability for our own damn actions?

  3. Reply
    ms wheedler
    January 26, 2011 at 1:24 pm

    Did you not watch the documentary “House of Cards” last night. It explained the whole Wall Street/Home Loan fiasco.

  4. Reply
    Beverly S
    January 26, 2011 at 1:57 pm

    Chpt 13 or 7? If it was a 7 neither you nor your husband will qualify until 2 years from discharge & if you end up with a foreclosure after bk it will be even longer. Your dad could buy, but it would be classified as investment property & he would have to put a minimum of 20% down and pay a higher rate. Plus almost no mortgage company will lend under 50k on a mortgage. As for co-signing he would have to live in the home & with his other mortgage showing on the credit bureau no lender would believe that.

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