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Politics : View from the Center and Left
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To: Bread Upon The Water who wrote (228954)8/8/2013 1:43:53 AM
From: koan  Read Replies (1) of 542690
 
As Chris Mathews says: "I make my living doing this stuff." There was never any problem with Fanny and Freddie. It was the no doc loans and fraud conducted by banks (CDO's) and rating agencies stamping junk triple A. The billion dollar bundles of junk paper could not be quantified and therefore collateralized.

Plus people pay big for mortgage insurance and most with decent credit scores pay their loans. Fannie and Freddy would be fine if administered correctly.

5% down and 30 year fixed rate loans is critical to a healthy housing market for the middle class. Ironically, since Obama has gotten in it has been much more expensive and harder to get a house, because the banks are using "safety" as an excuse to gouge people.

Fannie and Freddy are essential. Banks will never make 30 year fixed rate loans. Too risky, but it is exactly what people need. And even 5% is hard for most who really need FHA 3.5 %. But the PMI is so expensive now people cannot use it without getting gouged. So the least capable are paying usery for their money.

Every where I look it seems I see insanity. It overwhelms me.

Without affordable financing for the middle class the plutocrats will drain our blood.

It is going on in our town right now because our city is so fucked up by the plutocrats controlling the assembly. Rents are so high it is unbelievable and are going to keep rising as we cannot solve our housing problem with oru present political structure. . if people had to put 20% down with a variable rate of 8% half the city would be living under the bridges.
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