Research firm CoreLogic reported this week that Georgia home prices fell another 5.6 percent in April compared to a year ago. Some analysts say new Fannie Mae and Freddie Mac rules for short sales could help stabilize Georgia’s housing market, where prices have fallen 36 percent in the last six years.
U.S. Sen. Johnny Isakson (R-Ga.) wants to see the end of government-owned mortgage giants Fannie Mae and Freddie Mac, and he has filed a proposal to phase them out over 10 years. Isakson’s bill would replace Fannie and Freddie with a single Mortgage Finance Agency to guarantee residential mortgages. After 10 years, that agency would become a private entity.
Mortgage giants Fannie Mae and Freddie Mac are suspending foreclosures and evictions for the holidays starting next week. Several national banks are joining them in a two-week holiday reprieve, but real estate and housing experts said the break will not help most families save their foreclosed homes.