Smart People - Help Please

[Jr_Bullit]

:)

I'm horrible with understanding accounting/financial stuff. So, can someone please read this and tell me what it means if Fannie Mae or Citibank (also under criminal investigation) holds your home or student loans?

http://www.nytimes.com/aponline/business/AP-Fannie-Mae.html?oref=login

The one thing I learned about both companies is that you may think you're financing with group A) but then one of these two will swoop down and buy your loan (crazy).

[MTB_Rob_NC]

:)

I'm horrible with understanding accounting/financial stuff. So, can someone please read this and tell me what it means if Fannie Mae or Citibank (also under criminal investigation) holds your home or student loans?


It will really have no affect on your student or home loans.

Basically what it is saying is. During their annual audit KPMG (the auditors) did not agree with the way Fannie May was keeping their books. Fannie May is gonna get in trouble.

[-BB-]

Selling of loans is a standard practice and will have no effect on your payments, balance, or obligation to re-pay.
It may change who you write the check TO, but might not because the original company may still SERVICE your loan even though they do not own it.

[ohio]

It means all of your loans will be forgiven. You can stop sending in those checks.

:devil:

[Jr_Bullit]

I like ohio's answer best! :thumb:

[Btyler311]

I was under the impression that all the checks should now be mailed out to...

Btyler311
7125 NW pine Island Blvd
Fort Lauderdale, FL 33321

Oh and write them out to "cash"

Ty