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Abolish Fannie Mae and Freddie Mac? Not So Fast!
Abolish Fannie Mae and Freddie Mac? Not So Fast! Abolish Fannie Mae and Freddie Mac? Not so fast! The Obama administration has recently announced that they are planning to get rid of Fannie Mae and Freddie Mac and turn the responsibilities of these government sponsored enterprises (GSE's) over to the private sector. The reasoning they gave is that they have failed, which is true and they have lost alot of money, which is also true. What they are not focused on is the vital role that these entities play in the role of promoting homeownership in our economy. They both have been grossly mis-managed, this is true. Normally, I am a big fan of privatization for efficiency reasons primarily and I am not a big fan of government control most of the time. In this case, I am totally opposed to what the Obama administration wants to do at this point in our history. We are in the middle of a housing crisis and a resulting deep recession. All deference given to the green sprouts that economists have seen lately indicating a recovery that is lackluster at best. Take a moment and think about how we got here. Fannie and Freddie ... more
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