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Obama Calls for Mortgage Overhaul, Closing Fannie and Freddie
MoneyNews ^ | 6 Aug 2013

Posted on 08/06/2013 4:53:54 PM PDT by shove_it

Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation's mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left "holding the bag" for the mortgage giants' bad bets.

Obama outlined his proposals in Phoenix, the once foreclosure-riddled city at the epicenter of the nation's housing crisis. The housing market in Phoenix, as well as in many other parts of the country, has rebounded robustly, with prices in the southwestern city up 66 percent from the low point in 2011...

(Excerpt) Read more at moneynews.com ...


TOPICS: Business/Economy; Extended News; Government; Politics/Elections
KEYWORDS: fannie; fanniemae; freddie; freddiemac; mortgage; obamarecession; obamataxhikes
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1 posted on 08/06/2013 4:53:54 PM PDT by shove_it
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To: shove_it

Bend over and spread your cheeks!!!


2 posted on 08/06/2013 4:54:43 PM PDT by CMailBag
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To: shove_it

Wasn’t this clown a big proponent of the Community Reinvestment Act? What an idiot.


3 posted on 08/06/2013 4:55:17 PM PDT by fhayek
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To: shove_it
Can't we just close the White House down and spend the next three and a half years renovating the place?

Maybe we could avoid futher carnage.


Ramirez's latest political cartoon LARGE VERSION
08/06/2013: LINK  LINK to regular sized version of Ramirez's latest, and an archive of his political cartoons.





FOLKS, THOSE OF YOU WHO CAN, PLEASE CLICK HERE AND PENCIL IN YOUR DONATION TO HELP END THIS FREEPATHON.  THANK YOU!
...this is a general all purpose message, and should not be seen as targeting any individual I am responding to...

4 posted on 08/06/2013 4:58:23 PM PDT by DoughtyOne (This post coming to you today, from behind the Camelskin Curtain.)
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To: shove_it

“And, while we haven’t quite decided to forgive your college loan debt, just yet... We WILL ignore it as a debt on your mortgage application.”


5 posted on 08/06/2013 4:59:33 PM PDT by moovova
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To: shove_it

BS on closing Fannie and Freddie. MORE low downpayment loans, looser credit, etc.

http://confoundedinterest.wordpress.com/2013/08/06/obamas-old-deal-housing-speech-save-the-30-year-mortgage-as-7-out-8-jobs-created-are-part-time/


6 posted on 08/06/2013 5:00:15 PM PDT by whitedog57
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To: shove_it

FTA: Making light of criticism from Republicans who have cast him as a big-spending liberal, Obama joked that his calls for deeper private sector involvement “must sound confusing to the folks who call me a socialist.”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Well it sure confused me.


7 posted on 08/06/2013 5:00:19 PM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
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To: shove_it
From what I gathered from an Orlando area real estate radio show, the "improving" market is Chinese buyers buying up housing stock. It makes sense, turning soon-to-be worthless dollars into tangible assets. And their demand drives up prices and lets Obama crow that the recovery is on.

Please let me know when it is time to go all Kent Brockman and welcome our new overlords.

8 posted on 08/06/2013 5:06:52 PM PDT by NonValueAdded ("When there is no penalty for failure, failures proliferate." George F. Will)
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To: shove_it

Maybe they’ve figured out a new way of screwing the person trying to buy a home?


9 posted on 08/06/2013 5:07:26 PM PDT by The Working Man
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To: The Working Man

It’s gotta be something like that.


10 posted on 08/06/2013 5:09:06 PM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
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To: shove_it

Obama joked that his calls for deeper private sector involvement “must sound confusing to the folks who call me a socialist.”


socialism is when they own it, fascism is when you own it but they control it......................


11 posted on 08/06/2013 5:09:33 PM PDT by PeterPrinciple
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To: PeterPrinciple

How would eliminating Fannie and Freddy give them more control?


12 posted on 08/06/2013 5:11:58 PM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
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To: shove_it

Lemme guess.

First- I am all for closing wasteful semi-government orgs... but I bet his alternative is even worse


13 posted on 08/06/2013 5:14:00 PM PDT by GeronL
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To: shove_it

I would keel over if he closed Freddie and Fannie...they are a democrats dream. Its a retirement for numerous democrat and civil rights leaders on the left.


14 posted on 08/06/2013 5:14:20 PM PDT by KC_Conspirator
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To: shove_it

Fannie and Freddie were doing just fine until the Liberal grifters controlled it.


15 posted on 08/06/2013 5:17:49 PM PDT by Hoosier-Daddy ( "It is not our job to protect the people from the consequences of their political choices.")
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To: shove_it

When I first heard this news I was amazed, as I agreed with what I was hearing from Zero.

There must be something he’s not telling us.


16 posted on 08/06/2013 5:21:24 PM PDT by Fzob (In matters of style, swim with the current; in matters of principle, stand like a rock. Jefferson)
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To: shove_it

I’m waiting on the other shoe to drop, like maybe a whole new regulatory agency to clamp down on private lenders. No way I believe this guy really wants a free market solution.


17 posted on 08/06/2013 5:21:34 PM PDT by colorado tanker
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To: KC_Conspirator

No joke. There’s an entire jailhouse worth of democrats, Bawney Fwank’s butt boy and criminals from the Clinton administration, who went to fannie/freddie and “earned” tens of millions.


18 posted on 08/06/2013 5:22:04 PM PDT by Jacquerie (To restore the 10th Amendment, repeal the 17th.)
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To: shove_it

No Fannie Mae or Freddie Mac employee will lose their job. But the banks will be forced to make high risk loans.


19 posted on 08/06/2013 5:22:46 PM PDT by Conspiracy Guy (To stay calm during these tumultuous times, I take Damitol. Ask your Doctor if it's right for you.)
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To: shove_it
The president wants to replace Fannie and Freddie with a system that would put the private sector, not the government, primarily at risk for loans. The government would still be involved, both in oversight and as a last-resort loan guarantor.

There is the rub. The Gov gets out of the business while "giving the business" to the private sector.
No mention of how the Gov will hold a financial gun to their head.

20 posted on 08/06/2013 5:24:04 PM PDT by mylife (Ted Cruz understands the law, and he does not fear the unlawful.)
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