More McMansion Subsidies (A backdoor effort to keep Fannie and Freddie in business)

Wall Street Journal ^ | Nov. 2, 2011 | Wall Street Journal

[WilliamIII]

Winding down Fannie Mae and Freddie Mac was never going to be easy, given the mortgage giants' market dominance and the housing lobby of Realtors, home builders, banks and others arrayed against reform. But if even a Republican House of Representatives can't take a baby step toward a private market after some $142 billion in taxpayers losses, who will?

It's a question that House Speaker John Boehner might consider as he reads a letter that Florida Republican Bill Posey and New York Democrat Gary Ackerman are circulating to fellow Members for signatures. The letter supports an amendment to an appropriations bill that recently passed the Senate to increase the mortgage limits that Fannie, Freddie and the Federal Housing Administration can insure to $729,750 from $625,500 in certain markets for two years.

[familyop]

We can buy low enough in twenty years or so. Lower property taxes, too. Starve the beast and weaken it, for now.