Fannie Mae and Freddie Mac - What does the future have in store?
Fannie Mae and Freddie Mac last year bought and backed over 3/4 of all us mortgages. However their losses (backed by US Taxpayers dollars) are mounting due to foreclosures. Something needs to be done with these agencies which many believe caused our current down turn. They are basically out of control freight trains that are politically and fiscally corrupt. Even under new laws and government bailouts they are still allowed to make political contributions under the law even to the same persons that sit on committees that over see them! Recently, they have both been de-listed from the stock exchanges. That only occurs when the market views their value as pretty much worthless. The question to ask, is what is next for their future?
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It will be quite interesting indeed if the government finally gets out of the housing industry.
After a short downturn, I think U.S. housing would come back stronger and healthier.
P.s. Also now following you on Twitter, nice post!
Jim,
I do believe that something needs to be done...and...I'm absolutely fearful that the government is going to. The failure of all their housing programs to date has been unprecedented. The industry is still extremely fragile and they need to tred lightly.
Rich
How can they fail with their hand in our pockets?
Few know that you are part of my faithful 49, I subscribe and look for you every morning!
Paul
It doesn't look very promising, given the bleak news today on the housing market and the scramble to come up with some innovative ways to stimulate the economy. If Freddie and Fannie pull back, then that's like pulling the legs from under the table. I heard that mortgage lenders might be subject to reduced compensation...This type of trend happened in health care, and I wouldn't be surprised within 3-5 years if we see this with real estate.
*Michael Collins-SFR (TW:@RockRealty) Dane/Rock County WI* I think the Government caused this mess, and we will pay for it for years to come. How much more good money do they want to throw at it?
Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate (Long and Foster® Real Estate, Inc.) They are treading in thin ice.
Paul Henderson, Realtor ® Lacey, DuPont or Hartstene Pointe WA. (RE/MAX Professionals & Four Seasons Inc.) Thank you Paul..I've not been here much lately. I am trying to catch up on a lot of web work and it has robbed me of my time.
Colorado Springs Realtor - Cherise Selley (Selley Group Real Estate, LLC) Maybe in 3 years we will all be on the dole...the way it is going.
Jim once again we see a government entity that starts out well only to collapse because it's based on fantasy world, not the goal of profit.
As bad as they are ,it's hard to imagine life without them !!!!!!!!!!!!
John Walters (Licensed in Slidell, Louisiana) (Slidell, Pearl River, Lacombe) - The problem is that it became politicized.
Michael J. Perry (KELLER WILLIAMS Realty Lancaster, PA.) They pretty much caused the depression we are in.
Eventually the government will close the doors on Freddie and Fannie on a Friday. Open them up again on Monday with new names. With our government educated populace most people will not even notice.
Brian Chesser, CPI - Metro Atlanta and North Georgia (Chesser Home Inspections) Very sad, but I totally agree with you!