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Obama: "get Fannie and Freddie REFORMED," "Fannie and Freddie REFORM"
See on YouTube: Zillow and President Obama discuss the housing market
(Published August 7, 2013)
Beginning at the 7:45 mark, Obama says: "But the good news is, is that there are Republican and Democratic Senators, at least, who have been in a conversation about, how do we learn the lessons of the past, and start building a firmer foundation for housing, going forward. And, a lot of the concerns, a lot of the questions have had to do with, how do we get Fannie and Freddie reformed, so that they are not in the situation in which, um, taxpayers are essentially subsidizing huge risks that they are taking. As part of a package, you could see Fannie and Freddie reform that protects taxpayers, puts housing on a more stable footing. But, in the interim, also provides some immediate relief to homeowners, giving them a chance to refinance while interest rates are still low. So, this is something that I'm going to push again, once Congress gets back, uh, in September, once they're back in session, as part of a broader package of housing reform. Let's see if we can potentially get this done before the end of the year."
He used the word, "reform," twice there. Not eliminate, but reform.
Obviously, some politicians are in a rush to try to make changes before the Treasury is completely repaid, and before Fannie and Freddie's conservatorships end. Also obviously, they are not fully reflecting the reality that Fannie and Freddie were victimized by the big banks ("irresponsible lenders," as Obama put it in another recent speech,) and by the government itself, which required Fannie and Freddie to begin making 50% of their business SUBPRIME, trash mortgages. How can the government punish Fannie and Freddie for complying with the LAWS that the government itself made? |
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