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Obama heads to Phoenix to pitch mortgage reform
Associated Press ^ | Aug 6, 2013 8:41 AM EDT | Julie Pace

Posted on 08/06/2013 5:49:17 AM PDT by Olog-hai

President Barack Obama is proposing to overhaul the nation’s mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac—a plan with bipartisan support on Capitol Hill.

Obama will also insist that popular 30-year mortgages be widely available to borrowers, even in a system that would rely more on the private sector than the government to guarantee loans.

The president was to outline his proposals Tuesday at a construction company in Phoenix, once the epicenter of the housing crisis following the 2008 economic collapse. The housing market in the region, as in much of the country, has rebounded in recent months, buoyed in part by low interest rates. …

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Business/Economy; News/Current Events; US: Arizona; US: District of Columbia
KEYWORDS: 30yrmortgage; bho44; closefanniefreddie; fanniemae; freddiemac; mortgage; mortgagereform; obama; obamaeconomyspeech; obamaeconomytour; obamarecession; obamataxhikes; phoenix; privatemortgages
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1 posted on 08/06/2013 5:49:18 AM PDT by Olog-hai
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To: Olog-hai

What could go wrong with Obama’s idea of moving mortgage guarantees into private hands. On the surface a good idea but any time this socialist proposes something that looks like it is private enterprise based, I know there is a downside.


2 posted on 08/06/2013 5:51:41 AM PDT by Mouton (108th MI Group.....68-71)
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To: Olog-hai
really? wouldn't it be better for him to head to Yemen to apologize for America's arrogance?
3 posted on 08/06/2013 5:52:20 AM PDT by j_guru
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To: Olog-hai

Oh great. No one sees where this is going. Private sector? I will take Goldman Sachs for 100 Alex.


4 posted on 08/06/2013 5:52:29 AM PDT by EQAndyBuzz (The reason we own guns is to protect ourselves from those wanting to take our guns from us.)
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To: Olog-hai

Do we get a chance to read it before we have to vote on it this time? I am sure it is not as straight forward as we are being told... most likely another 16000 irs agents invoved..


5 posted on 08/06/2013 6:00:22 AM PDT by vet7279
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To: vet7279

Another campaign stop.
Yawn.


6 posted on 08/06/2013 6:01:16 AM PDT by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: Olog-hai
Obama will also insist that popular 30-year mortgages be widely available to borrowers

Why, hey, wasn't the last fiscal collapse almost entirely fueled by private guarantees (default swaps) of mortgages made to people who could never afford them (more widely available...)? Since the last foray by Washington into expanded mortgages resulted in nationalization of an automaker (they sell mortgages?) and daylight robberies of banks (WaMu theft.)

I'm sure everything will be different this time!

7 posted on 08/06/2013 6:02:27 AM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: Eric in the Ozarks

I was hoping to go t the range today. With the POS coming into town, I hope we get a real bad storm.


8 posted on 08/06/2013 6:02:47 AM PDT by Glennb51
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To: All

wait, isn’t anyone who qualifies eligible for a 30 year mortgage? What does he want to do, lower the standards? Give away free houses? eliminate the down payment or just force banks to give everyone, regardless of risk the lowest rates?


9 posted on 08/06/2013 6:05:17 AM PDT by newnhdad (Our new motto: USA, it was fun while it lasted.)
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To: Olog-hai
Got this yesterday too. Image and video hosting by TinyPic
10 posted on 08/06/2013 6:06:34 AM PDT by Southern Magnolia
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To: Olog-hai
And in further news, President Jarrett's spokesman, Barack Hussein Obama is out on the administration’s community outreach tour.
11 posted on 08/06/2013 6:09:49 AM PDT by Coldwater Creek (")
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To: kingu
Why, hey, wasn't the last fiscal collapse almost entirely fueled by private guarantees (default swaps) of mortgages made to people who could never afford them (more widely available...

The financial collapse was precisely due to the fact that the federal government--Fannie Mae and Freddie Mac--guaranteed these loans. The private lenders could afford to take chances since the Feds were covering the risk.

It is time for the federal government to get out of the mortgage business.

12 posted on 08/06/2013 6:10:38 AM PDT by kabar
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To: Olog-hai

Yes, what else can he mess up?

The Won’s work is never done until we are all in a smoldering ruin.


13 posted on 08/06/2013 6:10:51 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: newnhdad
What does he want to do, lower the standards? Give away free houses?

Here's a bad idea: Encourage homeowners to take back mortgages privately with some minor tax break. When default occurs--no problem--the homes are given away (wealth redistribution occurs), and the banks are unhurt. Presto! /S

14 posted on 08/06/2013 6:12:18 AM PDT by Pearls Before Swine
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To: Mouton
It's a bankers' wet dream

shift liability and fast track foreclosure to eliminate court hearings

one more erosion of constitutional and states' rights for the marxist's contributors

long live the king

.

15 posted on 08/06/2013 6:14:41 AM PDT by Elle Bee
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To: Olog-hai

Have any, even one, of his “reforms” actually made things better?


16 posted on 08/06/2013 6:16:59 AM PDT by CPOSharky ((The government way) If it ain't broke, fix it till it is.)
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To: Olog-hai
The reason I have a 30-year mortgage, rather than a 5-year, is because the government takes half my paycheck

Of course, they need my money much more than my children do.

17 posted on 08/06/2013 6:19:21 AM PDT by Mr. K (Lies, Damned Lies, and Statistics, and then Democrat Talking Points.)
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To: Olog-hai

Reform = collectivization.


18 posted on 08/06/2013 6:25:14 AM PDT by lurk
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To: Glennb51

Where’s the “Impeach Obama” freeway overpass people, stopping Phoenix with that today would be newsworthy.


19 posted on 08/06/2013 6:25:14 AM PDT by wrencher
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To: Sir Napsalot

1/2 the people in the country deserve it.


20 posted on 08/06/2013 6:26:06 AM PDT by wrencher
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