Democrats want less regulation for Fannie and Freddie!!!

[Conservative]

I thought the Dems were the ones saying we needed MORE regulation by government, not less???

Dems Want Fannie, Freddie Overseer Out Over Resistance To Mortgage Write-downs | Fox News

A top regulator's unbending refusal to use troubled mortgage giants Fannie Mae and Freddie Mac to rescue underwater homeowners is whipping up a growing protest from liberal lawmakers and advocacy groups -- some of whom are now calling on President Obama to fire him.

The little-known Washington official, Edward DeMarco, is under pressure by the left to reduce mortgage principals for struggling borrowers. Nearly 20 Democrats in Congress along with groups like MoveOn.org have launched somewhat of a campaign against the head of the Federal Housing Finance Agency.

The lawmakers specifically want DeMarco to agree to write down principal amounts for struggling homeowners. The Van Jones-backed Rebuild the Dream, which is circulating a petition supposedly signed by 90,000 people, calls DeMarco the "number one obstacle to solutions for struggling homeowners" and a "right-wing ideologue" who sides with Wall Street.

DeMarco repeatedly has defended his agency's approach, which focuses on existing mortgage relief programs including recent refinancing opportunities. The agency pushes, among other options, forbearance -- which defers interest payments for portions of the principal.

At a recent forum hosted by the National Journal, DeMarco said the key to mortgage relief is to reduce monthly payments and relieve the strain on family budgets. He said forbearance -- as opposed to principal write-downs -- achieves that goal, and "preserves" taxpayer dollars in the process. Furthermore, he said the majority of deeply underwater homeowners are "current" on their mortgages, meaning they are willing to meet their obligations.

"This should be recognized and encouraged - not dampened with incentives for people to not continue paying," DeMarco said.

Sounds like DeMarco has the right idea to me.

 

[GuyPinestra]

I thought the Dems were the ones saying we needed MORE regulation by government, not less???

Dems Want Fannie, Freddie Overseer Out Over Resistance To Mortgage Write-downs | Fox News

A top regulator's unbending refusal to use troubled mortgage giants Fannie Mae and Freddie Mac to rescue underwater homeowners is whipping up a growing protest from liberal lawmakers and advocacy groups -- some of whom are now calling on President Obama to fire him.

The little-known Washington official, Edward DeMarco, is under pressure by the left to reduce mortgage principals for struggling borrowers. Nearly 20 Democrats in Congress along with groups like MoveOn.org have launched somewhat of a campaign against the head of the Federal Housing Finance Agency.

The lawmakers specifically want DeMarco to agree to write down principal amounts for struggling homeowners. The Van Jones-backed Rebuild the Dream, which is circulating a petition supposedly signed by 90,000 people, calls DeMarco the "number one obstacle to solutions for struggling homeowners" and a "right-wing ideologue" who sides with Wall Street.

DeMarco repeatedly has defended his agency's approach, which focuses on existing mortgage relief programs including recent refinancing opportunities. The agency pushes, among other options, forbearance -- which defers interest payments for portions of the principal.

At a recent forum hosted by the National Journal, DeMarco said the key to mortgage relief is to reduce monthly payments and relieve the strain on family budgets. He said forbearance -- as opposed to principal write-downs -- achieves that goal, and "preserves" taxpayer dollars in the process. Furthermore, he said the majority of deeply underwater homeowners are "current" on their mortgages, meaning they are willing to meet their obligations.

"This should be recognized and encouraged - not dampened with incentives for people to not continue paying," DeMarco said.

Sounds like DeMarco has the right idea to me.

Which is EXACTLY why the Libdrools are PISSED!

 

[Claudette]

Billions of tax dollars have been spent to bail Fannie and Freddie out year after year.

Talk about a Federal program that needs to get kicked to the curb.

Let people buy their own homes if they can afford em.

If not they can rent. Jesus. Common sense is totally absent in DC.

 

[bitterlyclingin]

The Dems receive an enormous amount of financial support from Fannie and Freddie, so much so that its almost their cash cow. Franklin Raines and James Jones are two prominent Democrats who aided and abeted the bankrupting of those two NGOs while enriching themselves and the Democratic Party's coffers in the process.
When the Repubs, in the persons of GWB and John McCain wanted to reign in the party going on at taxpayers expense down at Fannie and Freddie, 2003 and 2006, Barney Frank and Chris Dodd both stood up in front of their friendly Democratic Media cameras and said "There's nothing going on down at Fannie and Freddie except us foxes" Barney came on at that point and said he "Just wanted to roll the dice a few more times" Yes he did, and who was left to clean up the slop, afterward? You guessed it.

 

[zeke]

Can anyone believe that Franklin Raines is not in jail? Amazing.


Government for the rich, by the rich is what we have here. Commonly known as a plutocracy.

Sure am glad the Rethugs are as pure as the driven snow on this one. No rethug made a dime off of Fannie and Freddie.

Except for Newt. But is he really a Rethug?

And I heard that Barney Frank not only got his mortgage money for free, but he made something like 259 million dollars off Fannie. Jail time for him to.

Fannie and Freddie both should be shut down so the housing market can completely collapse. It would be so good for us. Especially the landlords, of which I am one.

 

[Trajan]

they are already using the old 'disparate impact' trope to push F&F to underwrite more bad loans etc.......this doesn't surprise me.

 

[Full-Auto]

they are already using the old 'disparate impact' trope to push F&F to underwrite more bad loans etc.......this doesn't surprise me.

Its is happening for GM purchases. I hear it on the radio everyday.

 

[Inthemiddle]

I thought the Dems were the ones saying we needed MORE regulation by government, not less???

Dems Want Fannie, Freddie Overseer Out Over Resistance To Mortgage Write-downs | Fox News

A top regulator's unbending refusal to use troubled mortgage giants Fannie Mae and Freddie Mac to rescue underwater homeowners is whipping up a growing protest from liberal lawmakers and advocacy groups -- some of whom are now calling on President Obama to fire him.

The little-known Washington official, Edward DeMarco, is under pressure by the left to reduce mortgage principals for struggling borrowers. Nearly 20 Democrats in Congress along with groups like MoveOn.org have launched somewhat of a campaign against the head of the Federal Housing Finance Agency.

The lawmakers specifically want DeMarco to agree to write down principal amounts for struggling homeowners. The Van Jones-backed Rebuild the Dream, which is circulating a petition supposedly signed by 90,000 people, calls DeMarco the "number one obstacle to solutions for struggling homeowners" and a "right-wing ideologue" who sides with Wall Street.

DeMarco repeatedly has defended his agency's approach, which focuses on existing mortgage relief programs including recent refinancing opportunities. The agency pushes, among other options, forbearance -- which defers interest payments for portions of the principal.

At a recent forum hosted by the National Journal, DeMarco said the key to mortgage relief is to reduce monthly payments and relieve the strain on family budgets. He said forbearance -- as opposed to principal write-downs -- achieves that goal, and "preserves" taxpayer dollars in the process. Furthermore, he said the majority of deeply underwater homeowners are "current" on their mortgages, meaning they are willing to meet their obligations.

"This should be recognized and encouraged - not dampened with incentives for people to not continue paying," DeMarco said.

Sounds like DeMarco has the right idea to me.

Sounds more like they want different regulation, not less regulation. Though De Marco's approach sounds like the better one from my non-expert point of view.

 

[Remodeling Maidiac]

Obama has passed 109 major regulations as compared to Bush with 28 in the same time frame. But this actually doesn't surprise me.

 

[CrusaderFrank]

Fannie and Freddie need to be liquidated and their loan portfolio sold in a series of auctions over a 6 month period

 

[Rozman]

Billions of tax dollars have been spent to bail Fannie and Freddie out year after year.

Talk about a Federal program that needs to get kicked to the curb.

Let people buy their own homes if they can afford em.

If not they can rent. Jesus. Common sense is totally absent in DC.

There is absolutely no reason why people can't rent a place until they can afford
the down payment and then the mortgage payments.

Unless you are a Democrat and believe these sounds principles to be racist.
Like Barney Frank felt.

 

[eflatminor]

I'm SURE there is an enumerated power in the Constitution that requires the federal government to back home loans, right? It just has to be in there...if I could only find it.

Hmmm...