Posted on 02/11/2011 9:41:02 AM PST by EBH
The report delivered Friday by Geithner and Housing and Urban Development Secretary Shaun Donovan presents three approaches for a future housing finance system. It also calls the government to shrink “and ultimately wind down” Fannie Mae and Freddie Mac, the bailed-out government-sponsored enterprise companies that helped fuel the housing bubble before being felled by investments in subprime mortgages.
“This is a plan for fundamental reform -- to wind down the GSEs, strengthen consumer protection and preserve access to affordable housing for people who need it,” Geithner said in a statement accompanying the report. The report also pledges ongoing U.S. government support to make sure Fannie and Freddie can meet any debt or other financial obligations.
(Excerpt) Read more at financialpost.com ...
Haven’t the house republicans moved to stop funding/bailouts for Fannie and Freddie...
While we are at it let’s close up tight the Department of Education. How much money $$$$$$$ are we paying via salaries and perks that could go directly to educating the students.
The eduation cirruculium needs to be decided locally. Imagine the Jewish schools of NY wanting to have their education cirruculum decided by the LDS of UT. Let’s get it back to local and let them spend the money appropriately.
Fannie and Freddie were fine until the CRA and Barney Frank got involved. I’d be fine with just going back to that.
Oh, and privatizing what’s left of those two organizations.
I have another idea too but I just posted it on another thread.
The problem I have with this is that since Obama is supporting it, I shudder to think what he plans to replace them with.
Perhaps a “Housing Redistribution Agency” or something...
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