Trump administration unveils plan to revamp the housing market

[Yo_Mama_Been_Loggin]

Proposal would release Fannie Mae and Freddie Mac from government control

The Trump administration released a sweeping plan Thursday that could remake the U.S. housing market, starting with ending more than a decade of government control of two massive companies, Fannie Mae and Freddie Mac, that back half of the nation’s mortgages.

The long-awaited plan from the Treasury Department features nearly 50 proposals, including many technical changes to financial regulations, and is aimed at shrinking the government’s role in the housing market. The cornerstone of the plan would resolve the fates of Fannie Mae and Freddie Mac, which 11 years ago this week were put into government conservatorship during the global financial crisis.

The proposals will “protect taxpayers and help Americans who want to buy a home,” Treasury Secretary Steven Mnuchin said in a statement. “An effective and efficient federal housing finance system will also meaningfully contribute to the continued economic growth under this administration.”

Fannie Mae and Freddie Mac play a critical part in the housing market, buying mortgages from lenders, then packaging them into securities to sell to investors. The government seized control of both companies in 2008 as the housing market unraveled and the firms’ losses piled up.

https://www.washingtonpost.com/business/2019/09/05/trump-administration-unveils-plan-revamp-housing-market/?wpisrc=al_news__alert-economy--alert-national&wpmk=1

Mnunchin you are so full of shit

[Blue_true]

1. I see 2008 again. nt

[bitterross]

4. Worse - much, much worse.

What could possibly go wrong?

[Iliyah]

2. Here we go again . . . .

[wasupaloopa]

3. This can't be good.

[erronis]

5. I actually spent a bit of time with FNMA during their "restatement" exercise - 2007-8

They were caught lying about their accounts and the various CEOs during that period escaping with millions in payouts.

The only reason they were caught is because there was some gov't oversight. Not enough by far.

Wouldn't dump and his buddies like to just have free reign to make this into a profitable, free-market enterprise?

Sure, just like a casino which is rigged for the operators.

If you buy that, I've got a bunch of remaindered "Art Of The Deal" for you. And probably a totally devastated US/world economy.

[liberal N proud]

6. Some trump contributor is planning on stealing millions

[bdamomma]

7. why is that

Mnunchin still there??? tRumps thugs.