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Posted on 01/05/2012 9:25:34 AM PST by mojito
The U.S. government-run mortgage finance firms Fannie Mae and Freddie Mac could play a bigger role in turning around the battered U.S. housing market, the Federal Reserve told Congress, a call that looks set to run into stiff political opposition.
The Fed, in a paper sent to lawmakers on Wednesday, outlined an array of steps that could be taken to help the housing sector, including allowing Fannie and Freddie to provide cheaper mortgages to a broader pool of homeowners.
The two companies, the biggest sources of U.S. mortgage funding, were seized by the government in 2008 when they were on the brink of collapse. They have been propped up by $169 billion in taxpayer aid since then, making them a target of many on Capitol Hill.
(Excerpt) Read more at reuters.com ...
Hey they could give mortgages to more deadbeats and illegal aliens!
OK...where’s the graphic with the guy beating his head against the wall?
Nope, already tried the fanny and freddie thing, doesnt work.
“Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag – $720,000.” Who would be so heartless to deny Alberto his dream? Racists! Racists I tell you.
and ironically given the timing of this “paper”, the Fed is where obama has set up his new Consumer Finance Protection agency with his unconstitutionally appointed director Cordray with the mission to track down and squeeze “predatory” mortgage lenders .... so the peeps can line up and demand show me the money!
The Government will confiscate all those ‘foreclosed’ homes as they fail to attract qualified buyers and will then categorize them as HUD rentals.
This will expand the Government reach into suburbia and rural areas rather than the high-rise slums of inner cities. Much more attractive to low income renters.
LOL, of course they aren’t smart. Any group or person who needs press hype to convince us how smart they are aren’t.
What a crock, the hole is not big enough, dig harder.
Section 8 housing coming to your neighborhood soon
obama wants to end private property ownership.
LLS
Right!! We had this discussion months ago - it makes sense to ‘use’ these abandoned homes - with a tenant. Cuts out the middle man (owners of rental properties). See link below for how this stuff works (on the back of taxpayers).
http://portal.hud.gov/hudportal/HUD?src=/topics/housing_choice_voucher_program_section_8
A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family’s choice where the owner agrees to rent under the program. This unit may include the family’s present residence. Rental units must meet minimum standards of health and safety, as determined by the PHA.
A housing subsidy is paid to the landlord directly by the PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Under certain circumstances, if authorized by the PHA, a family may use its voucher to purchase a modest home.
Cool, free houses for everyone! Uncle Sam is picking up the tab. Thank you, thank you, thank you Dearest Uncle Sam.
ping
“Back to the Future”, or “How To Repeat History In One Erroneous Lesson”
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