Obama Calls for Mortgage Overhaul, Closing Fannie and Freddie

MoneyNews ^ | 6 Aug 2013

[shove_it]

Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation's mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left "holding the bag" for the mortgage giants' bad bets.

Obama outlined his proposals in Phoenix, the once foreclosure-riddled city at the epicenter of the nation's housing crisis. The housing market in Phoenix, as well as in many other parts of the country, has rebounded robustly, with prices in the southwestern city up 66 percent from the low point in 2011...

[CMailBag]

Bend over and spread your cheeks!!!

[fhayek]

Wasn’t this clown a big proponent of the Community Reinvestment Act? What an idiot.

[DoughtyOne]

Can't we just close the White House down and spend the next three and a half years renovating the place?

Maybe we could avoid futher carnage.


Ramirez's latest political cartoon LARGE VERSION 08/06/2013: LINK  LINK to regular sized version of Ramirez's latest, and an archive of his political cartoons.

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...this is a general all purpose message, and should not be seen as targeting any individual I am responding to...

[moovova]

“And, while we haven’t quite decided to forgive your college loan debt, just yet... We WILL ignore it as a debt on your mortgage application.”

[whitedog57]

BS on closing Fannie and Freddie. MORE low downpayment loans, looser credit, etc.

http://confoundedinterest.wordpress.com/2013/08/06/obamas-old-deal-housing-speech-save-the-30-year-mortgage-as-7-out-8-jobs-created-are-part-time/

[shove_it]

FTA: Making light of criticism from Republicans who have cast him as a big-spending liberal, Obama joked that his calls for deeper private sector involvement “must sound confusing to the folks who call me a socialist.”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Well it sure confused me.

[NonValueAdded]

From what I gathered from an Orlando area real estate radio show, the "improving" market is Chinese buyers buying up housing stock. It makes sense, turning soon-to-be worthless dollars into tangible assets. And their demand drives up prices and lets Obama crow that the recovery is on.

Please let me know when it is time to go all Kent Brockman and welcome our new overlords.

[The Working Man]

Maybe they’ve figured out a new way of screwing the person trying to buy a home?

[shove_it]

It’s gotta be something like that.

[PeterPrinciple]

Obama joked that his calls for deeper private sector involvement “must sound confusing to the folks who call me a socialist.”

---

socialism is when they own it, fascism is when you own it but they control it......................

[shove_it]

How would eliminating Fannie and Freddy give them more control?

[GeronL]

Lemme guess.

First- I am all for closing wasteful semi-government orgs... but I bet his alternative is even worse

[KC_Conspirator]

I would keel over if he closed Freddie and Fannie...they are a democrats dream. Its a retirement for numerous democrat and civil rights leaders on the left.

[Hoosier-Daddy]

Fannie and Freddie were doing just fine until the Liberal grifters controlled it.

[Fzob]

When I first heard this news I was amazed, as I agreed with what I was hearing from Zero.

There must be something he’s not telling us.

[colorado tanker]

I’m waiting on the other shoe to drop, like maybe a whole new regulatory agency to clamp down on private lenders. No way I believe this guy really wants a free market solution.

[Jacquerie]

No joke. There’s an entire jailhouse worth of democrats, Bawney Fwank’s butt boy and criminals from the Clinton administration, who went to fannie/freddie and “earned” tens of millions.

[Conspiracy Guy]

No Fannie Mae or Freddie Mac employee will lose their job. But the banks will be forced to make high risk loans.

[mylife]

The president wants to replace Fannie and Freddie with a system that would put the private sector, not the government, primarily at risk for loans. The government would still be involved, both in oversight and as a last-resort loan guarantor.

There is the rub. The Gov gets out of the business while "giving the business" to the private sector.
No mention of how the Gov will hold a financial gun to their head.