Fannie & Freddie Will Not Kick You Out If You Stop Paying your Mortgage (VIDEO)

Video:  Michael Burry, the former head of Scion Capital LLC who predicted the housing market’s plunge, and was profiled on 60 Minutes, talks with Bloomberg -- Aired Sep. 7

Interesting commentary.  Start watching at the 1:30 mark for his comments on Fannie & Freddie.  A 2nd clip from Burry is below.  We first reported on this trend in the following story:

• Strategic Default & Living For Free: Josh Bartlett Hasn't Made A Mortgage Payment In 32 Months And He Hasn't Been Kicked Out Yet (PBS VIDEO)

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Video:  Burry Discusses Investing in Farmland, Real Estate, Gold

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Screenshot

Foreclosure roulette.

Comments

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Wall Street Firms to Cut 80,000 Jobs in 18 Months, Whitney Says

http://www.bloomberg.com/news/2010-09-07/wall-street-firms-will-cut-up-to-80-000-jobs-over-18-months-whitney-says.html

[Z]

With all the bad news we get on a day to day basis, I have become numb to it. I guess I have accepted that one day the bottom will drop out of the economy and a lot of bad things will happen. However, listening to Michael Burry made me very anxious.

[Wil Martindale]

I just joined. You should too.
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-Wil

[Dr. Pitchfork]

Thanks for the link, Wil. I'll have to look into Online Tax Revolt.

[Z]

Katie Holmes and Tom Cruise shared the love at the premiere of her new film, "The Romantics," Tuesday night in New York, kicking it casual with eyes only for each other.

And why not? This is the same woman who earlier in the day informed the world, "My husband has red roses for me everywhere I go."

http://latimesblogs.latimes.com/gossip/2010/09/the-romantics-premiere-katie-holmes-tom-cruise.html

[Mike]

Okay, so we quit the blame game and look to ourselves to blame? So if we took a mortgage at a great fixed rate, on a house that we could afford with less than a quarter of our income, even though the real estate lady said we could afford so much more, are we still to blame? Or can we start pointing our finger at the crooks and criminals in mortgage banking and blame them for being the criminals that they are?

If someone took a loan they couldn't afford, fine, blame them too, but hard to hold them accountable when the whole system that's in place to do so, as well as ensure that those who DO pay their mortgage get their legal title in the end, is completely fu**ed by you, the banks and mortgage companies.