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

Skip to comments.

Obama Calls for Mortgage Overhaul, Closing Fannie and Freddie
MoneyNews ^ | 6 Aug 2013

Posted on 08/06/2013 4:53:54 PM PDT by 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...

(Excerpt) Read more at moneynews.com ...


TOPICS: Business/Economy; Extended News; Government; Politics/Elections
KEYWORDS: fannie; fanniemae; freddie; freddiemac; mortgage; obamarecession; obamataxhikes
Navigation: use the links below to view more comments.
first previous 1-2021-4041-54 last
To: shove_it

If we wants to privatize Freddie and Fannie - how about Social Security?


41 posted on 08/06/2013 6:17:00 PM PDT by plain talk
[ Post Reply | Private Reply | To 1 | View Replies]

To: CMailBag

There go any hopes for a housing recovery......


42 posted on 08/06/2013 6:19:07 PM PDT by USNBandit (sarcasm engaged at all times)
[ Post Reply | Private Reply | To 2 | View Replies]

To: shove_it
How would eliminating Fannie and Freddy give them more control?

Next up: Forcing Banks and other lending institutions through force of law to put their PRIVATE CAPITAL on the line in lending to risky applicants.

In short: They'll force banks etc.. to comply with the Community Re-Investment Act using their own capital.

THAT will be Obama's crown jewel. It'll make Obamacare look like a walk in the park.....

(Disclaimer: I work in the Banking/Wealth Management sector .... if you want to know why capital and cash are FLYING out of this country, it's because those of us who work in the sector see the above coming.)

43 posted on 08/06/2013 6:24:53 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
[ Post Reply | Private Reply | To 12 | View Replies]

To: tacticalogic
Check out the Consumer Protection Financial Bureau. It's a new federal bureaucracy that will, among other things, oversee credit rating agencies and insure that the make appropriately "racially sensitive" adjustments to people's credit ratings. They're still going to "redistribute the wealth", they're just going to make the banks eat the losses.

DING DING DING!! Winner!!! Wish I had seen your post before I responded. You nailed it.

44 posted on 08/06/2013 6:26:31 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
[ Post Reply | Private Reply | To 40 | View Replies]

To: shove_it

“An ardent proponent of the CRA, ACORN benefactor, organizer, and trainer Barack H. Obama, Esq., contributed to the increasingly hostile environment for banks when he represented the plaintiffs in the 1995 class action lawsuit Buycks-Roberson v. Citibank. The suit demanded that the bank grant mortgages to an equal percentage of minority and non-minority mortgage applicants. The bank settled the case three years later and reportedly agreed to beef up its lending to unqualified applicants...”

(mortgages based on welfare, child support payments and foodstamp “income”.-my comment)

http://spectator.org/archives/2008/10/29/acorns-food-stamp-mortgages

(Note the date on this article—Benghazi Barry probably figures people have forgotten by now.)


45 posted on 08/06/2013 6:33:47 PM PDT by Mortrey (Impeach President Soros)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NonValueAdded

“...Chinese buyers buying up housing stock.”

A guy that serviced an appliance of ours told me Chinese bought a big piece of land from him.


46 posted on 08/06/2013 6:35:53 PM PDT by Mortrey (Impeach President Soros)
[ Post Reply | Private Reply | To 8 | View Replies]

To: shove_it

Fannie and Freddie are so poorly run that they deserve to be shut down. Just today I had a file come across my desk that FHLMC took title to in 1995 and sinply forgot about. It was a condo in L.A. and the homeowners association kept sending bill for dues until the amount reached $113,435.30 in 2012. They’ve since foreclosed on the place and taken it away from Freddie.

Imagine that... a residential property in Los Angeles (Sherman Oaks) that was owned by a federal agency for 18 YEARS and they did nothing to maintain it or sell it, then it was taken away for non-payment of monies owed.

Shut down FNMA, shut down FHLMC, and shut down all parts of 0bamacare and let the people and the businesses run themselves without massive top-down intrusion and regulation.


47 posted on 08/06/2013 7:14:56 PM PDT by Two Kids' Dad (((( ))))
[ Post Reply | Private Reply | To 1 | View Replies]

To: KC_Conspirator; GeronL; shove_it

There is something missing from this plan.

What’s missing is the part where the taxpayer gets screwed and the government gives handouts to deadbeats, blacks, crony capitalists, LGBTs, democrats, America-haters, muslims, and illegals. (I may have left a few groups out.)

So what isn’t he telling us?


48 posted on 08/06/2013 8:50:13 PM PDT by generally (Don't be stupid. We have politicians for that.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: generally

I think it will do that, just through regular banks probably


49 posted on 08/06/2013 8:56:30 PM PDT by GeronL
[ Post Reply | Private Reply | To 48 | View Replies]

To: All

It will be like commercial properties. There will be 20% gap funding from what seems like a local group but is actually a federal grant system.

Highly regulated and monitored but the costs of the buildings, fax machines etc... are on the local financial group, and they make their money by charging an extra point or two on the loan.


50 posted on 08/07/2013 7:03:31 AM PDT by liberty or death
[ Post Reply | Private Reply | To 22 | View Replies]

To: liberty or death; Anybody

Any ideas on what happens to the $3TRILLION in Fannie loans and where do the proceeds from the sale of them go under this “pivot” to capitalism by the 0ne?


51 posted on 08/07/2013 12:52:39 PM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
[ Post Reply | Private Reply | To 50 | View Replies]

To: shove_it

Chump change for the One. He’s never had to earn anything so has no concept of supply and demand or what it takes to create real income from nothing. He also has no idea what loss is. He’s a sociopath plain and simple.


52 posted on 08/07/2013 2:19:47 PM PDT by liberty or death
[ Post Reply | Private Reply | To 51 | View Replies]

To: shove_it; xzins

Obama wisely embraces Sarah Palin’s mortgage advice - pushes to end Fannie and Freddie ...

http://www.freerepublic.com/focus/f-news/3052240/posts


53 posted on 08/07/2013 5:36:22 PM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
[ Post Reply | Private Reply | To 1 | View Replies]

To: shove_it; 2ndDivisionVet

Obama administration using housing department to compel diversity in neighborhoods ...

http://www.freerepublic.com/focus/news/3052286/posts?q=1&;page=54#54


54 posted on 08/08/2013 6:38:22 AM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-54 last

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