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Obama heads to Phoenix to pitch mortgage reform
Associated Press ^ | Aug 6, 2013 8:41 AM EDT | Julie Pace

Posted on 08/06/2013 5:49:17 AM PDT by Olog-hai

President Barack Obama is proposing to overhaul the nation’s mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac—a 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 ...


TOPICS: Business/Economy; News/Current Events; US: Arizona; US: District of Columbia
KEYWORDS: 30yrmortgage; bho44; closefanniefreddie; fanniemae; freddiemac; mortgage; mortgagereform; obama; obamaeconomyspeech; obamaeconomytour; obamarecession; obamataxhikes; phoenix; privatemortgages

1 posted on 08/06/2013 5:49:18 AM PDT by Olog-hai
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To: Olog-hai

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.


2 posted on 08/06/2013 5:51:41 AM PDT by Mouton (108th MI Group.....68-71)
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To: Olog-hai
really? wouldn't it be better for him to head to Yemen to apologize for America's arrogance?
3 posted on 08/06/2013 5:52:20 AM PDT by j_guru
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To: Olog-hai

Oh great. No one sees where this is going. Private sector? I will take Goldman Sachs for 100 Alex.


4 posted on 08/06/2013 5:52:29 AM PDT by EQAndyBuzz (The reason we own guns is to protect ourselves from those wanting to take our guns from us.)
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To: Olog-hai

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..


5 posted on 08/06/2013 6:00:22 AM PDT by vet7279
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To: vet7279

Another campaign stop.
Yawn.


6 posted on 08/06/2013 6:01:16 AM PDT by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: Olog-hai
Obama will also insist that popular 30-year mortgages be widely available to borrowers

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!

7 posted on 08/06/2013 6:02:27 AM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: Eric in the Ozarks

I was hoping to go t the range today. With the POS coming into town, I hope we get a real bad storm.


8 posted on 08/06/2013 6:02:47 AM PDT by Glennb51
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To: All

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?


9 posted on 08/06/2013 6:05:17 AM PDT by newnhdad (Our new motto: USA, it was fun while it lasted.)
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To: Olog-hai
Got this yesterday too. Image and video hosting by TinyPic
10 posted on 08/06/2013 6:06:34 AM PDT by Southern Magnolia
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To: Olog-hai
And in further news, President Jarrett's spokesman, Barack Hussein Obama is out on the administration’s community outreach tour.
11 posted on 08/06/2013 6:09:49 AM PDT by Coldwater Creek (")
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To: kingu
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...

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.

12 posted on 08/06/2013 6:10:38 AM PDT by kabar
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To: Olog-hai

Yes, what else can he mess up?

The Won’s work is never done until we are all in a smoldering ruin.


13 posted on 08/06/2013 6:10:51 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: newnhdad
What does he want to do, lower the standards? Give away free houses?

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

14 posted on 08/06/2013 6:12:18 AM PDT by Pearls Before Swine
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To: Mouton
It's a bankers' wet dream

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

.

15 posted on 08/06/2013 6:14:41 AM PDT by Elle Bee
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To: Olog-hai

Have any, even one, of his “reforms” actually made things better?


16 posted on 08/06/2013 6:16:59 AM PDT by CPOSharky ((The government way) If it ain't broke, fix it till it is.)
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To: Olog-hai
The reason I have a 30-year mortgage, rather than a 5-year, is because the government takes half my paycheck

Of course, they need my money much more than my children do.

17 posted on 08/06/2013 6:19:21 AM PDT by Mr. K (Lies, Damned Lies, and Statistics, and then Democrat Talking Points.)
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To: Olog-hai

Reform = collectivization.


18 posted on 08/06/2013 6:25:14 AM PDT by lurk
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To: Glennb51

Where’s the “Impeach Obama” freeway overpass people, stopping Phoenix with that today would be newsworthy.


19 posted on 08/06/2013 6:25:14 AM PDT by wrencher
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To: Sir Napsalot

1/2 the people in the country deserve it.


20 posted on 08/06/2013 6:26:06 AM PDT by wrencher
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To: Olog-hai

I want a mortgage like obamas

paid by someone else


21 posted on 08/06/2013 6:26:42 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Olog-hai

“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. “

All you need is sufficient income and collateral, and just about any loan would be assured for just about any borrower.

If it goes beyond that, we’re talking about redistribution.

Then again, the banks are getting “free money” from the government so Obama gets to dictate who they “loan” it to.

The new “Financial Three-legged Stool” is “Disability->EBT Card->Section 8 voucher”


22 posted on 08/06/2013 6:31:16 AM PDT by RFEngineer
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To: Olog-hai
Same ol', same ol'.....

Bankers get rewarded, and Holder's People get handouts....

Next........

23 posted on 08/06/2013 6:33:36 AM PDT by traditional1 (Amerika.....Providing public housing for the Mulatto Messiah)
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To: Mouton

“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.”

While I’d like to see the government out of Fannie & Freddie (and Sallie, et al), I’m sure Obama’s plan for doing so somehow involves saddling the taxpayers with the huge debts and worthless assets of those corporations.

It’s the Chicago way!


24 posted on 08/06/2013 6:39:10 AM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: wrencher

Unknown. This action was news to me.


25 posted on 08/06/2013 6:57:09 AM PDT by Glennb51
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To: Mouton

*moved into private hands, with the proviso that they are not allowed to say “no” to anyone...


26 posted on 08/06/2013 7:20:05 AM PDT by Buckeye McFrog
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To: Olog-hai
I'm confident that the SEC & IRS can move these greedy banks to loan people money for homes they can't pay back. ...if they can't pay it back, why force 'em to make a downpayment?"


27 posted on 08/06/2013 7:22:13 AM PDT by TexasCajun (Creepy-Ass Cracka -- Don't Call Me Cracker)
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To: Olog-hai

Does this POS ever, I mean EVER, stay in Washington and do his job? I know, rhetorical question to which I already know the answer.


28 posted on 08/06/2013 8:54:12 AM PDT by calex59
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To: Liz
ping

"President Barack Obama is proposing to overhaul the nation’s mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac—a 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.
~~~~~~~~~~~~~~~~~~

Hmmm...???

President Obama Comes Out for Subsidizing Mortgage Backed Securities

Obama’s “Old Deal” Housing Speech: Save The 30 Year Mortgage (As 7 Out 8 Jobs Created Are Part-time)

Obama to urge Congress in speech to shutter Fannie Mae and Freddie Mac
~~~~~~~~~~~~~~~~~~~~~~~~~

The above articles came out BEFORE Obama's speech. These since:

Housing Policy: 70% Of Jobs Created Were Part-time And Obama Wants 40 Million MORE Low-wage Workers

Obama Calls for Mortgage Overhaul, Closing Fannie and Freddie
~~~~~~~~~~~~~~~~~~~~~~~~~~~

LIZ: Don't mean to be redundant, but this looks awfully suspicious to me. Any upside for us taxpayers? or is this meant to make more toxic debt disappear down the nonexistent drain?

29 posted on 08/06/2013 6:24:16 PM PDT by thouworm (Remember: The only thing that stands between us and tyranny is the Constitution. [Mark Levin])
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To: thouworm
This is a-n-o-t-h-e-r of his "investments." As I've posted before---he's not a president...... he's an investor. He comes from Chicago criminal politics where the conniving pol gets into office as a pauper and leaves a multi-millionaire.

As FReeper GOPJ insightfully posted: "To argue that this figure, with his third-world sense of political responsibility and his Chicago-honed ethics, would not abuse any possible resource he could get his hands on simply beggars credulity. One of his former political partners, now residing in a federal jail cell, got caught on tape referring to O's vacant senatorship as a 'valuable f*ckin' t'ing' he would not just giveaway. Obama found a lot of "valuable f*ckin' t'ings" when he got to Washington......."

OFFSHORE WIRE TRANSFER ALERT: Obama says it’s time to ‘turn the page’ on Fannie and Freddie MarketWatch | 7/24/13 | MarketWatch / FR Posted by illiac

President Barack Obama on Wednesday, in his speech on the U.S. economy, spelled out the beginning of the end for federally controlled mortgage buyers Fannie Mae and Freddie Mac. “We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said, according to a copy of his prepared remarks

The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages.(Excerpt) Read more at blogs.marketwatch.com

ADDENDUM---what Obama left out of his remarks Wall Street Journal report on page A15---article entitled “Treasury’s Fannie Mae Heist“.

The Federal government is seizing the substantial profits of the government-chartered mortgage firms, Fannie Mae and Freddie Mac, taking for itself the property and potential gains of private investors the government induced to help prop up these companies. This conduct is intolerable.” A scathing article follows.

The Chi/mob setup the looting MO from the getgo: Soon as they occupied the WH, Obama and the Chicago con artists (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (the IRS). Read on.

==========================================

THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.

When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings of the Treasury that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09

More here: http://online.wsj.com/article/SB124113406528875137.html

NOTE: That also involved the notorious IRS targeting.

30 posted on 08/07/2013 4:40:16 AM PDT by Liz
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To: Olog-hai

What the campaign means is he has stolen all the money available from the two and it is time to move on to more lucrative targets.

Elliot Spitzer died for Fannie Mae and Freddie Mac


31 posted on 08/07/2013 4:43:01 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Travon... Felony assault and battery hate crime)
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