Posted on 08/17/2010 8:39:08 AM PDT by Qbert
WASHINGTON (Reuters) - The Obama administration called for "fundamental change" at Fannie Mae and Freddie Mac, but a long, politically explosive debate lies ahead on the future of the bailed-out mortgage finance giants and U.S. housing policy.
U.S. Treasury Secretary Timothy Geithner on Tuesday raised basic questions with housing industry leaders about the U.S. government's long-standing role in subsidizing and supporting the $10.7 trillion housing market.
"It is not tenable to leave in place the system we have today," Geithner said at a conference hosted by the Treasury Department almost two years after the government seized Fannie Mae and Freddie Mac to save them from collapse.
Since then, the two firms have received nearly $150 billion in taxpayer bailout money and have been placed in conservatorship, sharply restricting their past activities.
(Excerpt) Read more at finance.yahoo.com ...
The way things are going...
that is just wrong
He wouldnt want her.
Since these guys have a track record established for destroying anything economically related, to me, the November elections can’t come soon enough.
The obvious answer is to break Fannie and Freddie into numerous smaller companies, each then specializing in certain types of products (yes...including loans for even some higher risk borrowers), which would preclude any misrepresentation of what the loan is on the secondary market.
I Was A Fannie Mae Executive
WSJ Opinion Journal: 8/16/2010 12:49:41 PM
Former Chief Credit Officer Edward Pinto explains how it all went wrong.
Link to video:
Great! More for me.
Apparently Canada has practically no government involvement in the housing market, and they have a higher rate of homeownership than we do, and no bubbles.
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