Obama wants to dump Fannie and Freddie as part of mortgage reform

[red states rule]

If Obama REALLY wants to reform the mortgage industry - get government the hell out of the picture





President Barack Obama will use Phoenix as a backdrop to tout his administration's accomplishments in the housing recovery and to admit that more work needs to be done, according to a White House release.

He is likely using Phoenix, one of the hardest hit housing markets in the recent crash, because while home prices there are up more than 20 percent from a year ago, they are still down over 40 percent from their peak in 2006.

The president will offer ideas "to help more responsible homeowners refinance, to cut red tape, to increase home values by fixing our broken immigration system, to help the hardest-hit communities rebuild, and to ensure those who rent have decent and affordable options," the release read.

Obama will also call for reform of mortgage giants Fannie Mae and Freddie Mac, which, while now highly profitable, are still blamed for much of the foreclosure crisis.

While not backing a specific proposal on Capitol Hill, and there are many, the president does believe there is "a limited and targeted role for a catastrophic guarantee" for the mortgage market, according to one senior administration official.


http://www.cnbc.com/id/100940811

[red states rule]

OK, when Sarah Palin wanted to get rid of Fannie and Freddie due to the high cost, the liberal media went after her




Flashback: When Palin said Fannie/Freddie were too expensive to taxpayers in ’08, it was a “gaffe”

A Senate bill co-sponsored by Sen. Bob Corker (R-Tenn.) and Sen. Mark Warner (D-Va.) “would end Fannie and Freddie as government-sponsored enterprises,” though a Rep. Jeb Hensarling companion bill in the House is more ambitious, cutting down government participation in the mortgage market to about 20 percent, according to an AEI evaluation. (http://www.aei.org/article/economics/financial-services/housing-finance/gse-reform-bills-are-right-to-end-fannie-and-freddie/)

I also welcome the inevitable change of heart from the press and fact-checkers who called this exact sentiment a “gaffe” (http://hotair.com/archives/2008/09/09/the-palin-gaffe-fannie-mae-freddie-mac-bailouts-expensive/) when newly named vice presidential candidate Sarah Palin said it in 2008. Here’s Palin in Colorado Springs in September of 2008:
“John McCain has been calling for years to reform things and cut bureaucracy, even at the lending agencies that our government supports. The fact is Fannie Mae and Freddie Mac have gotten too big and too expensive to the taxpayers. The McCain-Palin administration will make them smaller and smarter and more effective for homeowners who need help.”





http://www.youtube.com/watch?v=eO4k1fIjivg

[aboutime]

Obama wants to TOUT his accomplishments?

That would involve telling the nation the TRUTH. And most of us know, and agree. That's not gonna happen any time soon.

So. I will TOUT One accomplishment Obama would never agree to, or brag about.

And that is. Effectively working to destroy this nation. ONE LIE AT A TIME!

[red states rule]

My question to the Obama lovers and defenders (you know who you are) is why should the government (local, state or federal) offer ANY service or product that folks can find being offered in the Yellow Pages?

Government cannot do anything right, on time, or on budget. I work in the mortgage industry and I have seen first hand how the Feds have f'd everything up and made the mortgage process more expensive for everyone involved

[aboutime]

Whenever I hear, read, or see the words FANNIE & FREDDIE...two images come to mind each time.

And here they are......53815382. The two members who caused the Housing bubble
to burst. Then, they blamed it all on George W. Bush. Who warned Congress about it. But Democrats still deny it.

[red states rule]

In honor of ol' Barney



http://www.youtube.com/watch?v=a5NrqqK60OI