This from the article "But there are concerns and problems intrinsic to purchasing a home with almost no money down" ya think? freddie and fannie were not part of the fiance reform. Now we know why Seriously WHO can defend this?? anyone?
The next disaster will be so much worse than the one that should have happened already. A case study in how not to intervene.
I am in this industry... here we go again Government is determined to put many people in home they cannot afford or have any history of paying for.... so if they don't or can't, the good old Amercan Taxpayer will step in again like they have in the past to bail out FM / FM or the industry. After all, government good intentions are more important that fiscal responsibility and common sense
I also heard that the Great One--BHO, may try to "forgive" all upside down mortgages prior to the election in November! So much for being financially viable and sound!
We're going to Hell in a handbasket. And someone on another thread said "the bailout avoided a financial disaster." Really? Worse that this kind of crap? That is what we were told. That along with avoiding huge unemployment numbers. Jeez..
I'm shocked that none of the left wingers on here have come and defended this action by Fannie. While we're at it, why don't we bring back all the subprime loans as well, lest we be called racist for not wanting to lend to someone with crappy credit.
Fannie/Freddie buying up bad mortgages and basically subsidizing any risk the lenders had is what caused this mess. I don't think anybody with any real sense would defend them.
Pharm glad to see you have some sense on this isse. but Good Lord where is Congress, I know the House was gone but Nancy isn't muzzled and the Seante was there last wekk. How can anyone with any sense let this policy stand? Did Boxer , just like she did back in 06, declare freddie and fannie wonderfully managed and with no problems? I will be calling my elected Pols to find out how this policy can exist.
It doesn't take a rocket science to figure out why this program is being trotted out now. The President's approval ratings are in the shitter, and most of the Dem Congressmen are bracing for a huge voter backlash in November. So... it must be time to buy some votes. It will be interesting to see what other scams are attempted by the crooks between now and November to try to hold onto power.
pharm Actually my post to you was not a back handed compliment. it was an acknowledgement of our typically different views. I do have an agenda, it is to try to stop Obama and others from making decisions that are taking our country on a path to ruin. This is IMO another attempt. This is the first time I have noticed you agreeing that something this Admin/ Congress has done is a bad decision. I appreciate your civility. Disagreeing with one doesn't make the one an idiot.
its just an awkward attempt to keep power. Give the mouse the cheese now, because after the election everybody dies, including the mouse. Add skyrocketing taxes to persistent unemployment and a huge housing backlog and unprecedented government debt and somebody please tell me how this is good for the economy. Solving a debt bubble with more debt cannot work.