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 ...
If we wants to privatize Freddie and Fannie - how about Social Security?
There go any hopes for a housing recovery......
Next up: Forcing Banks and other lending institutions through force of law to put their PRIVATE CAPITAL on the line in lending to risky applicants.
In short: They'll force banks etc.. to comply with the Community Re-Investment Act using their own capital.
THAT will be Obama's crown jewel. It'll make Obamacare look like a walk in the park.....
(Disclaimer: I work in the Banking/Wealth Management sector .... if you want to know why capital and cash are FLYING out of this country, it's because those of us who work in the sector see the above coming.)
DING DING DING!! Winner!!! Wish I had seen your post before I responded. You nailed it.
“An ardent proponent of the CRA, ACORN benefactor, organizer, and trainer Barack H. Obama, Esq., contributed to the increasingly hostile environment for banks when he represented the plaintiffs in the 1995 class action lawsuit Buycks-Roberson v. Citibank. The suit demanded that the bank grant mortgages to an equal percentage of minority and non-minority mortgage applicants. The bank settled the case three years later and reportedly agreed to beef up its lending to unqualified applicants...”
(mortgages based on welfare, child support payments and foodstamp “income”.-my comment)
http://spectator.org/archives/2008/10/29/acorns-food-stamp-mortgages
(Note the date on this article—Benghazi Barry probably figures people have forgotten by now.)
“...Chinese buyers buying up housing stock.”
A guy that serviced an appliance of ours told me Chinese bought a big piece of land from him.
Fannie and Freddie are so poorly run that they deserve to be shut down. Just today I had a file come across my desk that FHLMC took title to in 1995 and sinply forgot about. It was a condo in L.A. and the homeowners association kept sending bill for dues until the amount reached $113,435.30 in 2012. They’ve since foreclosed on the place and taken it away from Freddie.
Imagine that... a residential property in Los Angeles (Sherman Oaks) that was owned by a federal agency for 18 YEARS and they did nothing to maintain it or sell it, then it was taken away for non-payment of monies owed.
Shut down FNMA, shut down FHLMC, and shut down all parts of 0bamacare and let the people and the businesses run themselves without massive top-down intrusion and regulation.
There is something missing from this plan.
What’s missing is the part where the taxpayer gets screwed and the government gives handouts to deadbeats, blacks, crony capitalists, LGBTs, democrats, America-haters, muslims, and illegals. (I may have left a few groups out.)
So what isn’t he telling us?
I think it will do that, just through regular banks probably
It will be like commercial properties. There will be 20% gap funding from what seems like a local group but is actually a federal grant system.
Highly regulated and monitored but the costs of the buildings, fax machines etc... are on the local financial group, and they make their money by charging an extra point or two on the loan.
Any ideas on what happens to the $3TRILLION in Fannie loans and where do the proceeds from the sale of them go under this “pivot” to capitalism by the 0ne?
Chump change for the One. He’s never had to earn anything so has no concept of supply and demand or what it takes to create real income from nothing. He also has no idea what loss is. He’s a sociopath plain and simple.
Obama wisely embraces Sarah Palin’s mortgage advice - pushes to end Fannie and Freddie ...
http://www.freerepublic.com/focus/f-news/3052240/posts
Obama administration using housing department to compel diversity in neighborhoods ...
http://www.freerepublic.com/focus/news/3052286/posts?q=1&;page=54#54
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