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Politics : View from the Center and Left

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From: koan

8/7/2013 5:58:19 PM

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I just heard Obama wants to phase out Fannie Mae and Freddie Mac and turn homes loans over to the banks. That is a terrible idea.

If he does that it will be one more nail in the coffin of the middle class. The banks will want 20% down and probably only offer variable interest rates. Most cannot afford 20% down and if people have variable interest rates and inflation takes off the country will go into a monster depression unless the government takes over all the loans.

No more 5% down 30 years fixed rate loans.

That means only the rich will be able to buy a home and so most will have to rent. The very rich will buy the apartments and charge hellishly high interest rates and the plutocrats will beat us down one more notch into being the peasants and serfs.

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