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Politics : THE WHITE HOUSE -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (23462)	10/7/2008 2:42:09 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 25737

Re: "Fannie and Freddie are no the only sources of a secondary market for mortgages." I never said anything of that sort.... What I said was that the existence of Fannie/Freddie making an after-market by buying up 'conforming 30 year fixed rate mortgages' is what ENABLES the existence of 30 year fixed rate mortgages in America.... (Which basically did not exist before the Agencies created the market.) And that the fact that the U.S. of A. leads the world in the percentage of home ownership among our citizenry is largely due to this very fact. Prior to Fannie/Freddie (institutions founded for this very purpose: to develop home ownership in America) thirty year mortgages were practically unheard of in America... and in nations lacking similar institutions still today, such long-term mortgages are also unavailable. Re: "...then so be it." Well, everyone is entitled to their own political and economic opinions! (But... if your aim is to greatly reduce the level of home ownership in America, I suspect that you will find that's not an altogether popular position to take.... :-)