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Politics : Politics of Energy

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To: RetiredNow who wrote (3475)	12/17/2008 7:39:21 AM
From: Brumar89	Read Replies (2) of 86356

Blaming the process of selling mortgages itself for the problem still leaves government and government regulation as the cause of the problem because mortgage securitization was begun by government organized corporations that were established for that sole purpose: The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise (GSE), but founded in 1938 during the Great Depression. The corporation's purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.[2] http://en.wikipedia.org/wiki/Fannie_Mae The Federal Home Loan Mortgage Corporation (FHLMC) (NYSE: FRE), commonly known as Freddie Mac, is an insolvent[1] government sponsored enterprise (GSE)/b> of the United States federal government. The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. en.wikipedia.org

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