Obama has a mortgage plan (or three) worth reading
invite response
2011 Mar 31, 6:53am 2,498 views 5 comments
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"Long an advocate of affordable housing for Americans"
The plans didnt work out and has shifted to keeping prices artifically high.
Clarence 13X
2011 Mar 31, 1:21pm
“Long an advocate of affordable housing for Americansâ€
The plans didnt work out and has shifted to keeping prices artifically high.
This is true, the article goes on to say the government caused this crisis through Fannie and Freddie.
HousingWatcher
2011 Mar 31, 1:33pm
"The plans didnt work out and has shifted to keeping prices artifically high."
If you've been following the Case Shiller numbers from the past few months, I don't think Obama's high housing price policies are working too well. Maybe we need an individual mandate to force people to buy houses.
FortWayne
2011 Mar 31, 1:51pm
This is true, the article goes on to say the government caused this crisis through Fannie and Freddie.
Yep, banks wouldn't gamble if the gambles weren't 100% backed by the government.
Clarence 13X
2011 Mar 31, 4:06pm
This is true, the article goes on to say the government caused this crisis through Fannie and Freddie.
Yep, banks wouldn’t gamble if the gambles weren’t 100% backed by the government.
I think you meant to say taxpayers...oops!
Read the plan here: http://www.treasury.gov/initiatives/Documents/Reforming%20America%27s%20Housing%20Finance%20Market.pdf
The president has three plans on the table. Which one is going to fix the mess we're in?
The Obama administration had scarcely released its plan to fix Fannie Mae and Freddie Mac before howls of protests arose from members of Congress, consumer advocates, and community bankers, all screaming that this is an about-face from a long-standing policy to promote home ownership in America. But enough already.
With its white paper, which offers three alternatives for tackling the mortgage finance crisis over the next five to seven years, the administration is simply laying out the starting point for a conversation on how to get the mortgage market back under control. The complainers are disregarding a few basic, inescapable facts about the system today: It's broken. The government is the only player in the game. And taxpayers are on the line for a massive bill from this mess of at least $135 billion and growing.
Long an advocate of affordable housing for Americans, the government has increased its role in recent years. Just five years ago government-sponsored entities like Fannie Mae, Freddie Mac, and the Federal Housing Authority made up about 36% of the nation's mortgage originations. Now that number sits above 90%. That in itself should be enough reason to hear out the administration's plans.
Read the plan here: http://www.treasury.gov/initiatives/Documents/Reforming%20America%27s%20Housing%20Finance%20Market.pdf
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