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U.S. declares Fannie, Freddie model dead

rareboy

rareboy

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The Obama administration nailed a 'condemned' sign on the wrecked U.S. housing finance system Friday, but did not offer a clear blueprint for a rebuilding project that could go on for years.

With real estate markets fragile and 2012 elections ahead, political consensus on an overhaul that would raise mortgage costs was likely to be elusive, leaving mortgage giants Fannie Mae and Freddie Mac limping forward.

Treasury Secretary Timothy Geithner told CNBC as the plan was being released that mortgage costs will rise over the long run. He said the administration wants private capital to dominate mortgage finance.

"We can't wait too long. It's important Congress legislates some time over the next two years," Geithner added.
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http://www.bnn.ca/News/2011/2/11/US-declares-Fannie-Freddie-model-dead.aspx

So.....party's really over. America will have to get used to higher costs of mortgages like the rest of the world again.

Canada tightened its lending requirements recently; eliminating the 35 year mortgage and reducing the percentage of the value that a mortgage can represent.

So now the House has to get something sorted out.

How will this get fucked up by Congress?
 
rareboy said:
How will this get fucked up by Congress?
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I can't see anyway that it possibly can.

Obama essentially tossed the GOP, and the Tea Party movement some chum.

The U.S. Government is now officially out of the "low housing market."

Now the housing "market" and the banks get to provide housing loans to only those who can afford it or manipulate the system/market for their own capital gain.

While the Tea Party group gets to proclaim a victory of "less government" and the GOP in general can squeal about "fiscal responsibility" while continuing on their quest to fuck the poor, and pad the pockets of the rich.

Sounds good to me! ..|

(!)
 
Does this mean the taxpayer will no longer have to subsidize the mortgages of people who cannot afford them? How could that possibly mean the lower income people are getting "fucked"? They will just have to live where they can afford to live. How horrid!
 
Supersix said:
Does this mean the taxpayer will no longer have to subsidize the mortgages of people who cannot afford them? How could that possibly mean the lower income people are getting "fucked"? They will just have to live where they can afford to live. How horrid!
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YES! :=D:

Thank you so much for pointing out the "Corporate Welfare" side of this equation! ..|

(!)

Rather than to illustrate my point further, I'll concede the remainder of my time to the floor. :p
 
You mean so that I can mention the billions left on the night table for the WallStreet bankers and financiers who fucked the taxpayer the last time.

It is almost like the US taxpayer paid for a Dirty Sanchez.
 
The notion of people owning their own homes is a noble one. People who own property take better care of it and generally improve a neighborhood. I think we can all agree that home ownership is a societal good.

The problem started when the government encouraged banks to make loans to people who may not have qualified under the more stringent rules that existed at the time. So, the banks dutifully complied. Of course they also made other loans to people who were more well off. People who bought property on speculation. People who were looking to not improve a neighborhood, but to turn a buck.

This caused the housing bubble, which eventually burst causing the Great Recession. At the end, they banks were giving what were called "stated income" loans. You told them how much you made and the bank told you how much you could be loaned. Of course they encouraged you to lie knowing they'd simply bundle the loan off to Freddie, Fannie and ultimately the Chinese.

Today 20% of all homeowners are either facing foreclosure or are under water on their loan. It's only going to get worse as a result of today's news.
 
Believe me, the Chinese aren't the only ones who took a haircut.

Thank God my own investment bank wouldn't carry any of the slice and dice bundled products or I'd have to work until I was 90.

I think the US and European investors...and that includes a lot of your own pension funds..........are the ones that lost way more than the Chinese. So at least the companies that made up this barely legal shit cheated everyone equally.
 
I support this decision entirely, and it's been a long damn time coming. Just because a person happens to be an American citizen doesn't give them some God-given right to be a property owner. Only an idiot (or somebody subsidized by the government) would approve a 400k loan based on a 30k yearly income.

I feel for the plight of the poor, and working poor as much as anybody else, but nobody is entitled to home ownership.
 
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