Goal-oriented: Fannie Mae and Freddie Mac every year are required to meet affordable housing goals set by the Department of Housing and Urban Development (HUD). As we approach a new deadline for setting the 2004 goals, HUD may be considering putting more teeth into the goals.(Cover report: legislative / regulatory)
President George W. Bush, like presidents before him, has made closing the gap in the homeownership numbers a priority. He announced earlier this year an initiative to add 5.5 million new minority homeowners by 2010. And, according to the president’s 2004 budget proposal, the two government-sponsored enterprises (GSEs)-Fannie Mae and Freddie Mac—will be tapped to help deliver on that goal.
Fannie Mae and Freddie Mac play a critical role in the secondary market by buying mortgages from mortgage lenders and continually replenishing the supply of capital available for housing. They also can help launch innovative loan programs designed to get low-and moderate-income borrowers into homes by agreeing to buy the loans and setting the underwriting ground rules.
Read it a weep folks! This is the ‘New Tone’ and ‘Compassionate Conservatism’ GWB brought to D.C.
http://goliath.ecnext.com/coms2/gi_0199-3381382/Goal-oriented-Fannie-Mae-and.html
“(later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative).
Yea, I saw that I thought to myself no wonder Bush isn’t laying the blame where it needs to be. Even though he pressed for tighter regualtion of Fannie/Freddie, he appears to be vulnerable to looking like a hypocrite.
One of the problems we face is that some of the the economy’s problems result from Bush’s democratic approaches-spending for example. And the electorate sees that he is a Republican and thinks therefore we now need a democrat, not realizing that with Obama we will get much more of the same and it will make the situation much worse.