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Anyone that puts any faith in what Fannie Mae economists say after their failures for years to determine the severity of the housing depression and Fannie's undeniable causitive part in the debacle would probably get better advice listening to tarot card or tea leave reader. More false hope from the clearly clueless.
The realtor code of ethics is an illusory figment of the imagination and oxymoron similar to military intelligence.
Another good article Steve. Loan modification by themselves are worthless wastes of time and money. Already 50 percent of modified loans are defaulting within the first year. It's a feeble attempt to delay the historic pipeline of foreclosures and does not resolve the problem. With millions and millions of homes worth tens and hundreds of thousands less than mortgage debt, foreclosures and families losing their homes will continue to negatively effect prices for years as distressed and defaulted homes fill inventory pipelines. Unless loan modifications are coupled with principal reductions to current market values, there will be no long term recovery of the housing market and consumers participating in the economy.
