Comments on: Lunchtime Links 11-6 Option ARMageddon Tue, 14 Oct 2014 13:06:34 +0000 hourly 1 By: Andrew Fri, 06 Nov 2009 19:37:48 +0000 Sure, there’s some can kicking going on at Fannie, but Fannie is also selling inventory out of OREO at the same time that they’re making new foreclosures. OREO inventory is also booked at current appraised value, so if FNMA forecloses a $400,000 mortgage and appraises the house at $200,000 they charge off $200,000 and book $200,000 to OREO.

Also, in a lot of areas the courts are really backed up, so it’s taking a long time to get foreclosures through.