Standard & Poor's on Monday downgraded the credit ratings of Fannie Mae, Freddie Mac and several other U.S. government entities, reflecting their dependence on federal support.
Included in S&P's latest downgrade were the senior issue ratings on debt issued by Fannie and Freddie, the giant mortgage-finance firms. Ten of the 12 Federal Home Loan Banks, which also provide funding for home loans, also received downgrades.
Tuesday, August 09, 2011
Mortgage giants downgraded
This was briefly mentioned in yesterday's post, but I'm giving it its own post for emphasis. The credit ratings of Fannie Mae, Freddie Mac, and other federal entities were downgraded by S&P yesterday:
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Behold the plight of the involuntary landlord...with more and more high rises going up, I suspect more and more folks like this are going to "give up" and sell or mail in the keys. Hopefully they do so in tune with my CS index price reduction predictions for fall...
ReplyDeletehttp://www.princeofpetworth.com/2011/08/dear-popville-held-hostage-by-the-american-dream/#comment-376037
JAC, I could see that earlier when there was no prospect of a DC area bottom, much less stability. That said, why do you think more of them would "give up" given that rents are rising?
ReplyDeleteWell, the dude at that post seems to indicate that the rent is stagnant. I suspect that rents aren't going to increase much because of all the building going on as well as folks renting their basements and spare bedrooms. But ultimately, DC is a transient city and folks tend to need/want to move away...especially when they have kids. The frustration of the dude at that post is the one I had envisioned--folks not fully realizing what it means to be a landlord and eventually getting tired of it...
ReplyDeleteAs to rents, my impression was similar to the majority of posters who said they were rising, as well as the few reports I saw that said they were rising.
ReplyDeleteAs to people giving up, and specifically that dude, I agree, there are a decent number of folks who had no idea what it takes to be a landlord, and they dont like it.
Nevertheless, I dont see there being enough of these people to form a critical mass, enough to cause a new trend to emerge, so long as rents rise or (at worst) stagnate.
Long and short of it, I guess I agree with you in the abstract, I just dont agree with your viewpoint as to the degree and severity of their levels of distress.
I have been reading in some of the blogs that
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