“Private capital should take a bigger role in the mortgage market - I know that sounds confusing to folks who call me a socialist.” President Obama said: “For too long, these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag,” Obama said of Fannie and Freddie. And surprisingly, President Obama agrees. They are saying that the private sector should be the ones involved with mortgage loans for homebuyers.
There are members of Congress who are calling for the phasing out of Fannie and Freddie. They have already cost the taxpayers $187 Billion in their bailout. Is It Time To Shut Down Fannie Mae and Freddie Mac?įannie Mae and Freddie Mac have been government backed far too long.
