Freddie Mac Details Foreclosure Process to Public
This article details a blog post from Anthony Renzi, President of Freddie Mac, in which he outlines seven facts about the foreclosure process. There are some staggering numbers here but I was particularly surprised to see him admit that “it takes an average of 449 days to foreclose on a home with a Freddie Mac mortgage”. I was concerned about “shadow inventory” before but, if this is the case, you have to wonder just how many distressed homes are still in the pipeline.
It was also mentioned that “These delays cost Freddie Mac and the taxpayers who prop the company up between $10,000 and $15,000 per year for every defaulted loan. This is OUR money and if that is the case, why aren’t they doing anything to speed up the process?
Very frustrating and VERY, VERY scary!
