What would be a fair price for the taxpayers’ credit commitment?
Which part of the Constitution Authorizes the Government to be in the Mortgage and Lending Business??
90% of what Gubmint does is clearly constitutional, but the sheeple loves these programs because it makes them feel good and they get free chit.
ABOLISH Fanny
I’m still waiting on GM to pay taxpayers back with interest. Many billions $$$$
“Treasury had disbursed $187 billion and recouped $250 billion.”
What about General Motors? How much disbursed and how much recouped??
The government is nothing more than a bunch of gumbas and mobsters.
Prior to the 2008 crisis, the head of Fanny Mae was warning the investors and congress that being forced by the government to lend mortgages to people of bad credit record as part of ‘making homes more affordable for low income people’ would lead to ruin and a market implosion.
The congress responded by forcing them to lower even more the required credit score to qualify for mortgages.
Then OF COURSE, those low income losers did not pay for the mortgages and the marke imploded. Investors in Fanny Mae lost their shirts.
Congress ‘bailed out’ Fanny Mae and Freddy Mack with 180 billion dollars, but then (in my opinion illegally) sweeping all the profits.
All the 180 billion was paid back (and they took 60 billion on top of that) and those Gansgters in congress continue to suck the blood and all the profits out of the company. Worst of all they don’t let FNMA build a cash cushion for troubled times so they will be force to borrow again. (Can you believe their reserves are ZERO? 0.00 cents unbelievable).
And once again, congress is imposing on FNMA to loosen its credit requirements to ‘increase low income housing opportunities’.
ARE THEY INSANE?
The government should pay back all the money they have stolen, and get out of the business of deciding who is credit worthy to buy a house.