Posted on 07/27/2011 3:13:01 PM PDT by WOBBLY BOB
WASHINGTON - Like many members of Congress, Rep. Michele Bachmann has been a fierce critic of Fannie Mae and Freddie Mac, blaming the government-backed loan programs for excesses that helped create the financial meltdown in 2008.
And like millions of other home purchasers, Bachmann took out a home loan in 2008 that offered lower costs to the borrower through one of the federally subsidized programs, according to mortgage experts who reviewed her loan documents.
Just a few weeks before Bachmann called for dismantling the programs during a House Financial Services Committee hearing, she and her husband signed for a $417,000 home loan to help finance their move to a 5,200-square-foot golf course home, public records show. Experts who examined the loan documents for the Washington Post say they are confident the loan was backed by Fannie Mae or Freddie Mac.
Seeing problems with the programs - especially the high costs to taxpayers - hasn't stopped a concerned public or other members of Congress from taking advantage of the lower interest rates that result from government backing.
(Excerpt) Read more at twincities.com ...
I wish Wapo would have scrutinized Barry like this prior to his annointment.
I also presume the Bachmanns had plenty of verified income and assets for their loans.
This is not the part of Fannie most of us have issue with.
Have we ever figured out who paid for Obama’s house in Chicago?
No, the MSM was far too busy investigating the status of Joe the plumber Wurzelbacher's trade license.
And don’t forget...MIchelle was late for cheerleading practice in high school and had to be reprimanded!!!! She’s SATAN!!
Do people even have an option to not have a mortgage that’s not involved with fatty or fannie?
Supposed it had been the other way, that Bachmann had been cheering on Fannie and Freddie. Then she applied to them and got the deals they were shown to have gotten here.
Oh, humongous, humongous scandal!
No, more like stoney see-no-evil silence. If you’re a mediot, you can’t afford to lose a friend, even if the friend has an (R) by his or her name.
Would it that all Fannie loans were as low risk as this one. Fannie would be in fat city and need no subsidy.
So what. I’m critical of the amount of money that’s wasted through corruption and ineficiency building and maintaining our highways but I don’t stick to dirt roads when I take a trip.
This is ridiculous - all loans at that time were purchased by the GSEs. And the Bachmanns had nothing to do with that - it was government policy.
That reporter called me. I listened and said there is nothing wrong. Of course, she ignored me and quoted some mortgage banker.
I called Bachmann’s COS with a warning.
Sure. FHA/FNMA mortgages only account for approximately 40% of the mortgage market.
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