So, they’re going to feed the chicks to the fox?! Figures. Look, we all should be screaming about this and individual states should not be so lazy. Make Fannie turn over delinquent loans to the state where the land resides. Give the states the opportunity to renegotiate with their citizens and collect the monthly payments or foreclose and make the funds the banks are getting from a free house. It as close as they’ll ever come to replenishing the pension funds they gambled away!
But giving away the properties to Goldman Sachs who helped orchestrate the demise of the economy is absolutely ridiculous.
Fannie Mae announced Wednesday that it selected the winning bidders in its latest sale of non-performing loans, with a subsidiary of one of Wall Street’s biggest names among the winning bidders.
The total sale included four pools of loans that total $1.32 billion in unpaid principal balance spread across 6,540 loans.
The winning bidder for two of those pools, representing 2,068 loans that carry an unpaid principal balance of $418,414,683, was MTGLQ Investors, L.P., a “significant subsidiary” of Goldman Sachs.
According to the Securities and Exchange Commission, Goldman Sachs owns, directly or indirectly, at least 99% of the voting securities of MTGLQ Investors, L.P.