Creator of Freddie Mac’s Home Possible goes to FHA ( The Creator of Housing Blue Print bubble???)

Hot Air ^ | March 24, 2009 | Ed Morrissey

[Ernest_at_the_Beach]

Yesterday, the Obama administration announced the appointment of David Stevens to run the Federal Housing Administration (FHA). The appointment got little attention from the media, but his Senate confirmation hearing might prove more interesting. Stevens will have to explain his work for Freddie Mac in the years when the mortgage giant fueled a lending frenzy, mostly through Stevens’ own work on a program called Home Possible.

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Stevens’ experience at Freddie Mac should prove instructive. The Home Possible program that Stevens launched practically gives a blueprint for the housing-bubble collapse and the government’s role in it:

[Ernest_at_the_Beach]

From the Wall Street Journal:

Obama to Appoint Mortgage Executive to Head FHA

[Lorianne]

Oooo more CHANGE! I can hardly wait.

[Lorianne]

The secret is out: You can buy a home with very little down [2005 article]

http://seattlerealestatetalk.com/2005/07/10/the-secret-is-out-you-can-buy-a-home-with-very-little-down/

[devolve]

.

My liberal NYC sister’s short comment on Fannie Mae - Freddie Mac - Hussein II mortgages:

“No down payment and no background/income checks? That’s insane!”

.

[Ernest_at_the_Beach]

From the comments....

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Oct 6th, 2007 at 8:56 pm

Yes, it is possible, Yes it can be done!

My wife an I havd purchased 4 homes without one cent out of our pocket. We have even rolled the closing costs into the loan by offering either slightly higher then the asking price or offering full price and including a credit back to the buyer to use as they wish … landscapping, kitchen work or closing costs.

Great post Joanne,

Tony

[Liz]

Thanks for the heads up.

[Ernest_at_the_Beach]

See #23 & #25....

Wonder if it was thru the same office....???

[Ernest_at_the_Beach]

See #25.

[Ernest_at_the_Beach]

This guy was critical of President Bush...read that somewhere....related thread:

President Bush Tried to Rein In Fan and Fred,

[sweetiepiezer]

bttt

[GOPJ]

Thanks for the ping.

[rockinqsranch]

Thanks again Earnest_at_the_Beach. I’m keeping the link on file for this one as it should be a good reference in the future.

[RoadTest]

I see the headline as: “FOX APPOINTED SUPERINTENDENT OF CHICKEN COOP”.

Too long.

“FOX GETS COOP’

[lilylangtree]

Astounding at the lack of quality of obozo employees.

[potlatch]

Hope that was a fairly recent reply, would show she is learning some things.

[potlatch]

Thanks for pings!

[GOP_Lady]

Thank you, Ernest_at_the_Beach.

This is the most shocking editorial that I have ever seen.

Pass it around everyone — that’s what I’ve been doing.

[GOP_Lady]

David Stevens is not competent to run anything.

[tubebender]

Stevens,is a former Freddie Mac mortgage executive,,.....

and Tubebender is currently throwing up...

[Conspiracy Guy]

Sounds like another good pick. I've heard that Dr Kevorkian is the next HHS pick,