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Obama wants to re-"re-nationalize" Housing industry

  • gut
    http://politicalticker.blogs.cnn.com/2013/08/06/obama-calls-for-phase-out-of-mortgage-giants-fannie-and-freddie/?hpt=po_c2

    Phase out Fannie and Freddie. OK, that has bipartisan support and many agree with it (we won't get into the implicit admission that Fannie and Freddie greased the wheels of the housing bust).

    But a little more reading...Obama thinks the govt needs a role in the housing industry (isn't that what GSE's Fannie and Freddie were before the gubmit took them over?). And he wants the mortgage industry to pay into an insurance pool to backstop defaults (hmmmm....sounds suspiciously like a tax).

    So, in other words, you nationalized the housing industry, and you want to eliminate it and replace it with...another federal agency, only one that will now charge a tax for the price of admission.

    It also begs the question....why isn't Obama proposing this for student loans?

    Also, shhhh....Don't tell the "taxpayers" they'll end-up making money on their bailouts (with the exception of GM and Chrysler).
  • believer
    Can't wait to see what socialist Keynesian graph Boatshoes will post to demonstrate how this will stimulate our lagging economy. :)
  • BGFalcons82
    Is there ANY industry Barry doesn't want to "nationalize"???
  • gut
    It's funny, if surprising, to see Washington finally agree on something. Well, maybe not that surprising since everyone can get behind scapegoating Wall Street.

    The thing is, what Obama is talking about is basically a reboot. And in that scenario, there's no reason to eliminate Fanny and Freddie they just need strict limits. And a lot of what he is talking about has already been implemented (such as charging a higher haircut - equivalent to the insurance Obama refers - which raises interest rates and makes it more profitable for the private industry to compete for some of the loans the GSE's buy).

    And call me skeptical, but when the inevitably higher rates start denying/hurting home buyers there will be calls for the gubmit to act, which they will be only too willing to do.
  • iclfan2
    http://www.foxnews.com/politics/2013/08/07/obama-administration-using-housing-department-to-compel-diversity-in/
    Related to housing... just as disgusting.
  • QuakerOats

    They simply can't leave us alone. Surely there are other socialist/marxist countires where these whacko bureaucrats can find a home (in a diverse neighborhood).

    God save the republic.
  • jmog
    So when Sarah Palin says in 2008 that Fannie and Freddie need to go she is an air head that knows nothing about the real world. In 2013 when Obama says that they have to go (and be restarted) he is a genius.

    Hey, at least the media is consistent right?
  • Manhattan Buckeye
    ^^^

    In '08 Obama said a marriage is between a man and a woman.

    In '13 the Obama administration vilifies anyone that says the same thing.
  • gut
    Manhattan Buckeye;1484432 wrote:^^^

    In '08 Obama said a marriage is between a man and a woman.

    In '13 the Obama administration vilifies anyone that says the same thing.
    Really a great example of a man who leads by telling people what they want to hear. Mind you, I'm only talking about the "pep talk" aspect of leadership, the actual work is still done by someone else. But Obama is great at talking about things other people have done, and sharing his opinion about those things.