Wow, I've been wrong about Obama all this time. Just realized that I'm under his cone of protection, and he gave me a big old chunk of cheese.

See, in June, the wife and I bought a very nice foreclosed home in NC for 40% of market value (about the price of a luxury car). All these months I thought we had bought it from Wells Fargo, the mortgage holder. I was going through the closing papers, and to my surprise, we actually bought this place from Freddie Mac (Federal Home Loan Mortage Corp.). Did some more research, and found out that Freddie Mac bought the home from Wells Fargo in June '11, then turned around and sold it to us in June '12 at a $50k loss.

Just wanted to thank Obama, all you hard working tax payers, and of course, your children and grandchildren for my huge chunk of cheese. Much appreciated. Now get back to work, and pay your taxes.

dpnewell wrote:

You sure Wells wasn't just managing the mortgage for Freddie?

If so, all that the transaction did was does is put the loss on Freddie's books, not the bank's. Then, Wells' balance sheet looks "sound" per government analysis and banking rules by Fed and Treasury. Either way there was a loss due to relatively sudden, massive depreciation. If banks took the full hit, it would have to be taken over.

(I am certain you are not the only one here who has benefited by this recession.)

rfenst wrote:

No Robert, the records show that the house was "purchased" in June '11 for X amount. The previous home owner lives next door, and Wells Fargo foreclosed on her in January '11. Looks like the Feds purchased the mortgage from Wells Fargo (can you say "government bailout"?), and listed the home at full market value. The real estate history shows that the Feds kept dropping the price. We made a super low ball offer in April '12, and the Feds accepted it 4 weeks later.

I wonder how many tens of thousands of times this has happened? Oh well, what's another billion dollars or so in debt dumped on our kids? Got to make sure those banks don't lose money for their bad loans. How else would the officers be able to take their million dollar bonuses?

The OP was done tongue in cheek. This whole thing stinks. Wells Fargo should have taken the loss for their mistake, not we the tax payers.

dpnewell wrote: