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Today, House republicans proposed 8 new bills that would wind down Fannie Mae and Freddie Mac. One would put an end to the "affordable housing goals" for low-income and minority borrowers.
If the legislation becomes law, banks will only make mortgage loans people who can actually afford to repay them. Brace yourself for the shocked cries of RACISM!
Actaully if you look at the tresury propasal they pretty much get the feral govenamnt out of the guaranteeig loans business althogether.It would mean much higher down payment requirements and i the end hgher interest from assuming more risk witout the guarantee. They will lkely have insured loan coverage thru private backing.
Today, House republicans proposed 8 new bills that would wind down Fannie Mae and Freddie Mac. One would put an end to the "affordable housing goals" for low-income and minority borrowers.
If the legislation becomes law, banks will only make mortgage loans people who can actually afford to repay them. Brace yourself for the shocked cries of RACISM!
Unfortunately, the proposed legislation will not "wind down Fannie Mae [or] Freddie Mac." All this bill does is repeal sections of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
Granted, repealing the affordable housing sections of the 1992 law is a good start, but it does not go nearly far enough. Fannie Mae and Freddie Mac should not even exist.
Actaully if you look at the tresury propasal they pretty much get the feral govenamnt out of the guaranteeig loans business althogether.It would mean much higher down payment requirements and i the end hgher interest from assuming more risk witout the guarantee. They will lkely have insured loan coverage thru private backing.
In other words, we'll be doing business they way we did before the federal government decided to "improve" things. Sounds like a good idea to me.
Unfortunately, the proposed legislation will not "wind down Fannie Mae [or] Freddie Mac." All this bill does is repeal sections of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
Granted, repealing the affordable housing sections of the 1992 law is a good start, but it does not go nearly far enough. Fannie Mae and Freddie Mac should not even exist.
You are correct. But the other 7 bills put a stake in the heart of Fannie and Freddie. Ding Dong the witch is dead! (or will be soon)
If you think the banking issue was because of low downs then you don't understand what happened.
Please, enlighten us, oh wise one . . .
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Exactly !
