Skip to comments.Obama heads to Phoenix to pitch mortgage reform
Posted on 08/06/2013 5:49:17 AM PDT by Olog-hai
President Barack Obama is proposing to overhaul the nations mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Maca plan with bipartisan support on Capitol Hill.
Obama will also insist that popular 30-year mortgages be widely available to borrowers, even in a system that would rely more on the private sector than the government to guarantee loans.
The president was to outline his proposals Tuesday at a construction company in Phoenix, once the epicenter of the housing crisis following the 2008 economic collapse. The housing market in the region, as in much of the country, has rebounded in recent months, buoyed in part by low interest rates.
(Excerpt) Read more at hosted.ap.org ...
What could go wrong with Obama’s idea of moving mortgage guarantees into private hands. On the surface a good idea but any time this socialist proposes something that looks like it is private enterprise based, I know there is a downside.
Oh great. No one sees where this is going. Private sector? I will take Goldman Sachs for 100 Alex.
Do we get a chance to read it before we have to vote on it this time? I am sure it is not as straight forward as we are being told... most likely another 16000 irs agents invoved..
Another campaign stop.
Why, hey, wasn't the last fiscal collapse almost entirely fueled by private guarantees (default swaps) of mortgages made to people who could never afford them (more widely available...)? Since the last foray by Washington into expanded mortgages resulted in nationalization of an automaker (they sell mortgages?) and daylight robberies of banks (WaMu theft.)
I'm sure everything will be different this time!
I was hoping to go t the range today. With the POS coming into town, I hope we get a real bad storm.
wait, isn’t anyone who qualifies eligible for a 30 year mortgage? What does he want to do, lower the standards? Give away free houses? eliminate the down payment or just force banks to give everyone, regardless of risk the lowest rates?
The financial collapse was precisely due to the fact that the federal government--Fannie Mae and Freddie Mac--guaranteed these loans. The private lenders could afford to take chances since the Feds were covering the risk.
It is time for the federal government to get out of the mortgage business.
Yes, what else can he mess up?
The Won’s work is never done until we are all in a smoldering ruin.
Here's a bad idea: Encourage homeowners to take back mortgages privately with some minor tax break. When default occurs--no problem--the homes are given away (wealth redistribution occurs), and the banks are unhurt. Presto! /S
shift liability and fast track foreclosure to eliminate court hearings
one more erosion of constitutional and states' rights for the marxist's contributors
long live the king
Have any, even one, of his “reforms” actually made things better?
Of course, they need my money much more than my children do.
Reform = collectivization.
Where’s the “Impeach Obama” freeway overpass people, stopping Phoenix with that today would be newsworthy.
1/2 the people in the country deserve it.
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