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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: Peter Dierks who wrote (45127)	8/24/2010 12:15:22 AM
From: Peter Dierks	Respond to of 71588

Fannie & Freddie: Mortgage moronity Thursday, August 19, 2010 It defies comprehension that federal meddlers, whose reckless interventions turned the nation's housing market on its head, have come up with "corrections" that perpetuate, and more likely will aggravate, the disaster of their last intervention. Government-backed mortgage giants Fannie Mae and Freddie Mac wreaked havoc by encouraging mortgages not worth the paper they were written on. Still ailing but now with no limit on bailout funding, both taxpayer-enabled entities are raising the curtain on Act II. Fannie Mae and the National Council of State Housing Agencies -- which advocates and coordinates "affordable housing" -- are offering mortgages with a little as $1,000 down in three states (thus far). Brother Freddie is promoting no-down-payment mortgages through Housing and Urban Development programs. So, rather than allow a much-needed housing market correction and recovery, government steps in with both humongous clodhoppers. But don't worry. When those quickie mortgages go bad, $3 billion in fresh federal bailout money supposedly will keep homeowners afloat after they get in over their heads, reports Conn Carroll of The Heritage Foundation. So much for no more taxpayer bailouts. This is akin to the Titanic circling back to hit the same iceberg. That is, unless its passengers, already soaked, change this nation's course. pittsburghlive.com