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Old 02-09-2011, 08:28 AM
 
Location: Redondo Beach, CA
7,835 posts, read 8,416,548 times
Reputation: 8564

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Fannie Mae, Freddie Mac phase-out plan due from Obama

"The Obama administration will issue a proposal later this week recommending the gradual elimination of government-sponsored mortgage backers Fannie Mae and Freddie Mac, a White House official said Wednesday."
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Old 02-09-2011, 08:30 AM
 
Location: Southcentral Kansas
44,882 posts, read 33,178,546 times
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Quote:
Originally Posted by Jill61 View Post
Fannie Mae, Freddie Mac phase-out plan due from Obama

"The Obama administration will issue a proposal later this week recommending the gradual elimination of government-sponsored mortgage backers Fannie Mae and Freddie Mac, a White House official said Wednesday."
But won't this add a number of unemployed to our population?

Good riddance of some of Barney Frank's best tools.
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Old 02-09-2011, 08:31 AM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,819,830 times
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Don't Fannie and Freddie guarantee something like 80% of all home loans?
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Old 02-09-2011, 08:31 AM
 
Location: Tampa Florida
22,229 posts, read 17,804,394 times
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Quote:
Originally Posted by Jill61 View Post
Fannie Mae, Freddie Mac phase-out plan due from Obama

"The Obama administration will issue a proposal later this week recommending the gradual elimination of government-sponsored mortgage backers Fannie Mae and Freddie Mac, a White House official said Wednesday."
You mean the institutions that actually issue toxic loans will have to back them, not the public? How anti free market that would be.
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Old 02-09-2011, 08:32 AM
 
Location: Raleigh, NC
20,054 posts, read 18,236,495 times
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As predicted, the free market overwhelms the government's ability to control it. The government will just put a spin on it, but in reality the money to back the loans is just out of reach for Uncle Sugar.

Isn't the US practically the only country out there that completely socialized the majority of all "home ownership" (in quotes because mortgage payers aren't really homeowners)?
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Old 02-09-2011, 08:39 AM
 
Location: Del Rio, TN
39,809 posts, read 26,354,878 times
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Whoda thunk it? One of the far lefts favorite wealth redistribution programs on the chopping block under the Obama administration? Are there plans to replace them with another government cluster, or will government backing of private mortgages finally die?

Long overdue, and something I strongly support. Dang it, if Obama keeps doing things that make sense, I may actually have to become a supporter.
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Old 02-09-2011, 08:46 AM
 
Location: Londonderry, NH
41,478 posts, read 59,608,382 times
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This is a good thing because Freddy and Fanny never were not designed to support homeowners but to guarantee profits for the big financiers so they could make certain everyone had a mortgage even if they could not afford it. If home ownership is such a fundamental part of our economic system then the marginal loans should be made directly by the government and collected directly from the wages of the borrowers.
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Old 02-09-2011, 08:49 AM
 
Location: Redondo Beach, CA
7,835 posts, read 8,416,548 times
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I will be very interested to see how this plays out. That's all I have to say for the moment.
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Old 02-09-2011, 08:54 AM
 
2,514 posts, read 1,981,991 times
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Quote:
Originally Posted by Jill61 View Post
Fannie Mae, Freddie Mac phase-out plan due from Obama

"The Obama administration will issue a proposal later this week recommending the gradual elimination of government-sponsored mortgage backers Fannie Mae and Freddie Mac, a White House official said Wednesday."
We need a total rethink of government. Do it right do it small and get back to building stuff here in America.
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Old 02-09-2011, 09:00 AM
 
Location: Florida
77,020 posts, read 47,392,778 times
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Quote:
Originally Posted by roysoldboy View Post
But won't this add a number of unemployed to our population?

Good riddance of some of Barney Frank's best tools.
wow. A republican (Bush) nationalizes F/F during his socialist tsunami, and now a democrat lets it die, as it should have been allowed to die back then.
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