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What Congress' move to kill Fannie and Freddie means

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Mortgage Professional America | 26 Jun 2013, 07:00 AM Agree 0
After five years of conservatorship, a bipartisan bill has been yet again introduced to modify the housing finance system by replacing Fannie Mae and Freddie Mac
  • Bill Wilkinson | | 26 Jun 2013, 09:48 AM Agree 0
    This is an insane bill. The total conventional mortgage system is based on FNMA and FHLMC. giudlines. To pass this bill is to pull the heart out of the entire mortgage market
    system. It will become the new re-inventing
    the wheel syndrone. The entire market is based on these agency's system. Welcome back to the 1930s.
  • Calvin Chao | | 26 Jun 2013, 09:48 AM Agree 0
    "Mandate 10 percent capital, up front, ..."
    What is the 10% means? Who will pay for that?What if after mortgage pay off; refund to servicer? Refund to borrower?
  • | | 26 Jun 2013, 09:50 AM Agree 0
    The end of Fannie and Freddie as GSE's is what needs to happen!
  • David Leahey | | 26 Jun 2013, 09:55 AM Agree 0
    A very tall order in a 5 year period
  • frank Paredez | | 26 Jun 2013, 11:14 AM Agree 0
    If this bill passes, there will no longer be the american dream of home ownership. Rates will increase, and the first time the market goes down, the private investors will tighten up the spending, no one will be able to get cash from their homes or buy new homes. It will no longer be an advantage to buy a home, unless you pay cash. down payments will go up and less people will be able to own a home.
    Bad move, this industry improves the economy and by removing it you will forever distroy the american economy.
  • Wesley | | 26 Jun 2013, 01:16 PM Agree 0
    Why throw away the system that worked for so many for so long? Correct the problems.
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