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Updated 9 months ago,
Housing gridlock and FNMA loan buybacks?
3% 30 year loans from 3 years ago have caused a gridlock in the housing market. Holders of those loans may never sell their house since the cost to buy a different similar house would be astronomical, and unless a move was absolutely needed, they just wont sell. Why trade a 3% mortgage payment for an 8% mortgage payment, on a similar priced house?
So, I realize a similar question was asked, but does FNMA ever sell mortgages or pools of mortgages at current NPV? Could one buy a pool of mortgages from FNMA, split that pool back up into individual mortgages, then negotiate with the homeowner to purchase their own mortage at a discount, removing a huge stumbling block in the real estate market. Seems like this would make a great business plan if it was even possible