It's an open secret that if a debtor is willing to wait long enough, he can probably get away with paying almost nothing, as long as he doesn't mind hurting his credit score.

Fannie Mae has traditionally only bought and sold mortgages. But when a loan held by the company goes into foreclosure, Fannie Mae gains ownership of the underlying property until it is resold to new investors.

Analysts say that one reason Fannie Mae and Freddie Mac were privatized in the first place was to prevent political whims from dominating the mortgage marketplace.

Charles Duhigg Quotes