Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Warren: Don't 'scapegoat' affordable housing in reform push
thehill.com ^ | October 29, 2013 | Peter Schroeder

Posted on 10/29/2013 9:21:23 PM PDT by Tailgunner Joe

Sen. Elizabeth Warren (D-Mass.) mounted a spirited defense of affordable housing goals on Tuesday as she laid out her vision for overhauling the housing market.

In her first public remarks on housing finance reform, Warren laid out her vision for overhauling the system after the subprime meltdown, and emphasized that Congress should ensure mortgages remain affordable across the middle class, calling it the "centerpiece of the American Dream."

Appearing before the Mortgage Bankers Association, Warren said affordable housing goals, long pointed to by conservatives as a driving force in the creation of the risky mortgages that sunk the system, had nothing to do with the crisis — "not even a little bit."

"Affordable housing goals have been scapegoated by those who have been itching to get rid of the goals for a long time, but I think it's time to drop that red herring," she said, according to prepared remarks.

Click here to find out more! Warren admitted that Fannie and Freddie made "significant mistakes" in the years leading up to the crisis, driven by a desire to drive up value for shareholders. But she said the bulk of the blame should lie at the feet of private mortgage originators, who began doling out risky mortgages and "making money hand-over-fist," enticing Fannie and Freddie to begin bringing more and more risk into their portfolios.

As part of any reform effort, Warren said the government should replace the implicit government guarantee previously enjoyed by Fannie and Freddie with an explicit one that ensures that private capital would bear the brunt of any initial losses. She argued there is no "plausible scenario" where a U.S. housing market can thrive without such government backing.

She also said any housing reforms would need to come with sufficient regulations of the marketplace, both to ensure that a slew of dangerous loans do not again flood the marketplace and also to ensure that large financial institutions do not enjoy an unfair advantage that could allow them to further grow and cement their status as "too big to fail."

Warren offered kind words for a bipartisan bill put forward by her colleagues on the Banking Committee, Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.), but added she did not see it as a "perfect bill."

"Housing finance reform is a complex puzzle, and it will take a lot of work from a lot of people to make sure the pieces fit correctly," she said.


TOPICS: Culture/Society
KEYWORDS: fanniemae; freddiemac

1 posted on 10/29/2013 9:21:23 PM PDT by Tailgunner Joe
[ Post Reply | Private Reply | View Replies]

To: Tailgunner Joe

As if anyone really cares what Princess White Woman of Color With High Cheekbones has to say. She’s a ditz.


2 posted on 10/29/2013 9:23:56 PM PDT by FlingWingFlyer (Have you had your ObamaCare Marketplace shopping experience today?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer

This women is hideous.


3 posted on 10/29/2013 9:26:09 PM PDT by doc1019
[ Post Reply | Private Reply | To 2 | View Replies]

To: Tailgunner Joe

Reform = government takeover.


4 posted on 10/29/2013 9:27:30 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe
But she [Warren] said the bulk of the blame should lie at the feet of private mortgage originators, who began doling out risky mortgages and "making money hand-over-fist," enticing Fannie and Freddie to begin bringing more and more risk into their portfolios.

As I recall, the bank were forced by the government to make financially risky mortgages.

5 posted on 10/29/2013 9:27:35 PM PDT by upchuck (I've got maternity care via Obamacare! Now, if I could just figure out how a male gets pregnant...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

This time when the liars loan mortgagees default, they won’t make them move. The mortgage will be government owned and they will just keep living in the houses they have stopped paying for. Section 8,
2.0. Bank on it.


6 posted on 10/29/2013 9:29:02 PM PDT by informavoracious (Root for Obamacare and healthcare.gov failure!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: informavoracious

This time when the liar’s loan mortgagees default, they won’t make them move. The mortgage will be government owned and they will just keep living in the houses they have stopped paying for. Section 8, version 2.0. Bank on it.


7 posted on 10/29/2013 9:30:06 PM PDT by informavoracious (Root for Obamacare and healthcare.gov failure!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Tailgunner Joe

The one thing the government could do to ensure affordable housing is to remove the regulations that make it so difficult for builders to build affordable housing.

That, of course, is not going to happen. The government doesn’t want truly affordable housing, they want government-controlled housing.


8 posted on 10/29/2013 9:31:01 PM PDT by jdege
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

Affordable Housing - somebody else helps you pay for your house.


9 posted on 10/29/2013 9:41:14 PM PDT by aquila48
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

Senator Squaw want more affordable teepees for black and white palefaces.


10 posted on 10/29/2013 11:19:11 PM PDT by MuttTheHoople (Nothing is more savage and brutal than justifiably angry Americans. Don’t believe me? Ask the Germa)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

Well they have finally gotten all the inequities and inefficiencies out of the Medical System. It’s time to tackle that other great Human Right, Housing. All it needs to be made eminently fair is for the Government to straighten it out. When that gets fixed then it will be time to fix the food distribution mess which will help with the overpopulation problem at the same time.


11 posted on 10/29/2013 11:45:08 PM PDT by arthurus (Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe

I seem to recall it was gummint takeover of the housing market that led to the collapse in 2007... It might help to remember this as the gummint tries to takeover the healthcare market.


12 posted on 10/30/2013 12:21:40 AM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tailgunner Joe
"Housing finance reform is a complex puzzle, and it will take a lot of work from a lot of people to make sure the pieces fit correctly," she said.

The fake injun skank speaks - - and again shows she hasn't the faintest clue.

13 posted on 10/30/2013 12:27:17 AM PDT by Lancey Howard
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer
As if anyone really cares what Princess White Woman of Color With High Cheekbones has to say. She’s a ditz.

Please do not underestimate this fiend. She is actually the biggest threat to a 2016 Hillary run for POTUS.

The communists in our country actively support her candidacy for president in 2016, and she will have tremendously strong backing from the media. She would be a totalitarian nightmare and we cannot judge by her incompetence alone - that is a valid reason for support from the left. She is a major threat.

14 posted on 10/30/2013 4:19:37 AM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Caipirabob

You are correct. Hillary is a dried up prune with a ton of baggage. Warren is loved by the left. Electing Obama has shown they care nothing for experience and ability. Ideology trumps all.


15 posted on 10/30/2013 5:12:11 AM PDT by informavoracious (Root for Obamacare and healthcare.gov failure!)
[ Post Reply | Private Reply | To 14 | View Replies]

To: informavoracious

They’ve got healthcare, now housing is the next target.


16 posted on 10/30/2013 5:13:42 AM PDT by dfwgator
[ Post Reply | Private Reply | To 7 | View Replies]

To: informavoracious

You’d think both political parties would’ve given up on nominating MA pols by now.


17 posted on 10/30/2013 5:24:28 AM PDT by grania
[ Post Reply | Private Reply | To 15 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson