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I Don't Know....You Decide!
Real Estate News: Do We Need Freddie Mac and Fannie Mae?
There’s a flicker of hope despite the nightmarish poverty and unemployment numbers released in the past week. Signaling that the government is indeed concerned about the housing market situation, top Senate lawmakers started debating housing finance reforms at a Congressional panel. Among the issues taken up were whether to wind down government backed entities Fannie Mae and Freddie Mac. Many people following the housing market have wondered, why do we need Freddie Mac and Fannie Mae at this stage in the game? According to Reuters, lawmakers on both sides of the aisle agree that the two entities should be “wound down,” but senators can’t decide where the government should have a role in doling out housing finance subsidies.
Senate Banking Committee Chairman Tim Johnson, D-South Dakota, was quoted in Reuters saying he is concerned about consequences that might happen if the government completely washes off its hands. He said that historic low mortgage rates, now around 4 percent, would likely inch upwards. Peter Wallison, an American Enterprise Institute fellow, argued in favor of a private system to enable investors. Right now, taxpayers are forced to take the risks the government ... more

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