Stop stranglehold on foreclosures

The article, “Little guys battle the big banks,” on Jan. 9 brings to light the truth about how Fannie Mae and Freddie Mac are behind the estimated 2.1 million homes in “shadow inventory” that are yet to be listed.

As long as there is a ridiculous amount of foreclosed homes waiting to be listed, the housing nightmare will never be over.

Anyone who has worked in the real estate industry in the last three years can tell horror stories of dealing with Fannie or Freddie.

Whether you were a homeowner, attorney or real estate agent dealing with a short sale, you found yourself banging your head against the wall because you had brought in a fair offer, sometimes two or three, that was rejected by “the investor.” Those two words, “the investor,” brings on an immediate migraine to any real estate agent, because the next words that come are, “your offer is rejected.”

The fact is, no one wants to pay fair market value for a foreclosed property and Fannie and Freddie have played hardball long enough. They have brought the housing market to its knees with their incompetent handling of foreclosed properties. Simple economics dictates that a foreclosed property is only worth what other foreclosed properties are worth in the same area. Why on earth would a buyer pay more?

So the properties just sit and sit and sit. It's time that our government quits allowing Fannie and Freddie free rein over the battered housing market. It's time to end the madness and plug into what is really going on. Maybe if they read their e-mails and letters from the people in the know, they would actually learn something.

Debra Seitz

Broker/Owner

Wasco