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FHFA finally has head as Watt confirmed

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Mortgage Professional America | 10 Dec 2013, 10:08 AM Agree 0
President Obama’s pick to oversee Fannie Mae and Freddie Mac has been confirmed
  • robert gilbert | | 11 Dec 2013, 06:30 AM Agree 0
    This is good news for our mortgage lending industry. I think my republican friends which most time I am in agreement was totally wrong on this. Don't understand why they were dead set on Edward DeMarco filling this position who's main objective seems to be destroying Fannie and Freddie.
  • Jamie | | 11 Dec 2013, 09:27 AM Agree 0
    DeMarco is trying to prevent it from happening again after Barney Frank and Acorn ran them into the ground. Median US income is 35K. On a 417K mortgage at 4.375 42% back end the required income is 60K. The GSE's objective is to help the median income and not take a chance on speculators who took advantage on OUR money and split when they went underwater. I've been in the industry 25 yrs and watched it get greedy but I refused to do NINA mortgages. Could have made a whole lot more money but conscience prevailed. LO's sell the products available so the problem is FHFA was pressured by Frank and Acorn to lend to breathing borrowers through Carter's CRA and the industry collapsed. Bush tried stopping the runaway train but Frank released the brakes. Always let your Ethics come first and set aside wealth.
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