Seeking Alpha

Senate panel to discuss winding down Fannie and Freddie

  • The Senate Banking Committee is due to meet today to discuss replacing Fannie Mae (FNMA) and Freddie Mac (FMCC) with an agency that will offer a government mortgage guarantee but only after private interests have absorbed big losses.
  • However, the agency would still preserve the 30-year fixed rate loans that are at the center of the mortgage system.
  • The 22-member panel is expected to approve the proposals, although supporters want at least 16 votes so they can pressure for a ballot on the Senate floor.
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Comments (10)
  • Caludio
    , contributor
    Comments (154) | Send Message
     
    DON'T KILL HOME OWNERSHIP! SAVE FANNIE MAE
    29 Apr, 08:35 AM Reply Like
  • phxcrane
    , contributor
    Comments (415) | Send Message
     
    Why do u think the government needs to be involved? Or do u own stock in the companies.
    29 Apr, 09:47 AM Reply Like
  • Caludio
    , contributor
    Comments (154) | Send Message
     
    to phxcrane
    I don't see why the government have to wind down FnF and by doing so make the American people pay an extra 30K or 40K for an average loan of 200K . It is a wealth transfer from the people to the banks. That is why the mortgage bankers association is the only one entity that is supporting the bill. Also it put the taxpayers even more in the hook and stick them there with glue, tape and a lock.
    READ THE ECONOMIC SCAM OF THE CENTURY BY MIKE WHITNEY here is the link
    http://bit.ly/1kaCGXj
    29 Apr, 10:03 AM Reply Like
  • phxcrane
    , contributor
    Comments (415) | Send Message
     
    Better they pay it then have the taxpayers pay it for them. I have said over and over there is no free lunch. Government or I should say taxpayers has been supporting peoples homes way to long.
    29 Apr, 10:10 AM Reply Like
  • User 13106762
    , contributor
    Comment (1) | Send Message
     
    Phxcrane,

     

    FNMA and her sister worked great till BOTH parties continued to deregulate them--then under the Bush administration a gun was held to their heads to accept no income no asset loans.

     

    If you believe in a middle class, there must be an affordable 30 loan. Until WWII the private sector never offered a solution and still hasn't. Caludio correct historically and morally. IF any bought FNMA of FNMA in the past 5 fives I would call them an optimistic patriot. We can use more of that--we've been told plenty what can't be done. God bless the American dream!
    29 Apr, 12:35 PM Reply Like
  • abovegod
    , contributor
    Comments (35) | Send Message
     
    Don't forget Freddie!
    29 Apr, 09:01 AM Reply Like
  • Daveintexas
    , contributor
    Comments (5) | Send Message
     
    Don't screw up something that has worked for 70 years!
    29 Apr, 09:02 AM Reply Like
  • dgfurr
    , contributor
    Comments (62) | Send Message
     
    Vote Postponed, Not enough support in committee
    29 Apr, 09:43 AM Reply Like
  • 901Wizard
    , contributor
    Comments (32) | Send Message
     
    it wont pass the committee. Period.
    29 Apr, 06:08 PM Reply Like
  • abovegod
    , contributor
    Comments (35) | Send Message
     
    The purpose of government is to improve upon nature. The elimination of Fannie & Freddie is not an improvement. Leave these GSEs & nature alone.
    30 Apr, 10:16 AM Reply Like
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