Kourtney Kardashian's daughter Penelope SOBS after being excluded from 'fairy-tale' engagement after Kris Jenner ruled the kids shouldn't attend Travis Barker proposalĮlizabeth Olsen responds to online theories that Wanda Maximoff has become a 'villain' on talk showīarbie girl! Australia's plastic surgery queen Tara Jayne flaunts her cleavage in a VERY skimpy pink ensemble as she runs errands in Melbourne Madonna calls Dave Chappelle getting attacked onstage by an armed man 'disturbing for so many reasons' as she reflects on 'strange' night watching the show as they pose with comedian Michael Blackson Pregnant Rihanna enjoys date night with A$AP Rocky at Dave Chapelle's Hollywood Bowl gig. 'It's been a long time coming!' Simon Cowell, 62, 'to tie the knot with fiancée Lauren Silverman, 44, in a London ceremony NEXT MONTH' such mortgages exist today without a government guarantee.'
#Fannie mae foreclosures porter county indiana mac
'Phasing out Fannie Mae and Freddie Mac will not end the 30-year fixed rate mortgage,' he said, 'since. Hansarling said in a statement Tuesday that this is untrue. Some critics have predicted that without guarantees against default for those long-term mortgages, lenders will stop offering them entirely. Hensarling's bill, which has not attracted the support of any Democrats, would leave the Federal Housing Administration as the only safety valve, keeping the government out of the business of guaranteeing popular 30-year mortgage notes. Jeb Hensarling, a strong-willed Texan who chairs the House Financial Services Committee, has crafted a proposal that's different in one significant respect. On the House side of the Capitol, though, Republican Rep. Warner added in a press release that half of the Senate Banking Committee - five Democrats and five Republicans - were cosponsors of his and Corker's bill, and that the committee's members 'have made housing finance reform a priority.' Jeb Hensarling, a Republican from Texas, has his own Fannie-Freddie bill, which would leave banks without a government guarantee on 30-year mortgages The result is that lenders can often sell mortgages to Fannie and Freddie as fast as they can write them, freeing up capital but also creating inducements to extend home-buying credit to borrowers with little chance of making regular paymentsĪs more and more of those mortgages went into default during the housing crisis, Fannie and Freddie were forced to make good on their guarantees - and the government footed the bill.įly in the ointment: Rep. The New Deal-era Fannie and its 1970s cousin Freddie - formed largely so Fannie wouldn't remain a monopoly - buy mortgages from banks and guarantee the loans against default, while bundling the mortgages themselves into securities that can be sold, wholesale, to investors.
'I believe that our housing system should operate where there’s a limited government role, and private lending should be the backbone of the housing market,' Obama said.Īcknowledging momentum in both houses of Congress, the president urged the House and Senate to phase out both organizations in favor of a system that would only require the government to underwrite loan foreclosures in times of grave national emergencies.
'I know that sounds confusing to folks who call me a socialist,' he added, amid laughs and applause from the crowd. 'Private capital should take a bigger role in the mortgage markets,' Obama told his audience in Phoenix. Treasury and its taxpayer dollars as an emergency backstop. The risks of guaranteeing mortgages for millions of Americans, he said, should be shouldered by private lenders, not by an organization that uses the U.S. 6 housing speech in Phoenix, President Obama called for an end to the mortgage giants Fannie Mae and Freddie Mac, two government-sponsored organizations that have been in receivership since 2008īarely five years after the federal government spent $187.5 billion to bail out Fannie Mae and Freddie Mac, President Obama said Tuesday during a speech in Phoenix that the government-sponsored organizations have reached the end of their useful life.