STRATEGIC DEFAULTERS
Have you ever heard of the term "strategic defaulters"?? They are considered underwater homeowners (for whatever reason) who walk away from their mortgages even though they still have the means to pay. The Office of the Inspector General (OIG) at the Federal Housing Finance Agency is trying to find them so they can collect on what they still owe.
It is estimated that 20% of all foreclosures are from "strategic defaulters". The OIG estimates that "strategic defaulters" owe more than $1 billion to Fannie and Freddie and they are ready to collect it. They are looking!!! They are working with Fannie and Freddie to develop a way to identify these culprits.
Here is a recent warning from the OIG in regard to "strategic defaulters" - Walking away from a mortgage that you can afford to pay constitutes mortgage fraud and those responsible will be referred for criminal prosecution. Says Heather Wolfe, OIG assistant inspector general "We are going to lock people up".
AND THEN WE WONDER WHY OUR COUNTRY IS IN SUCH BAD FINANCIAL CONDITION!
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