POLITICS - Push to Reform Mortgages

Need I say.... Republican's will oppose this as more 'big-government' interference.  Just let Mortgage Bandits continue to rob citizens, no sheriff needed.  After all, Freddie and Fannie didn't really have anything to do with crashing the housing market....NOT!

"Obama Supports Retaining Role for Government in Push to Reform Mortgages" PBS Newshour 8/7/2013

Excerpt

MARGARET WARNER (Newshour):  The president today vowed to push Congress to pass broad housing reform by the end of the year, one of his key proposals, wind down the roles of Freddie Mac and Fannie Mae, the two massive mortgage finance companies taken over by the federal government in the depths of the housing crisis.

In Phoenix yesterday, he endorsed a Senate proposal to -- quote -- "end Freddie and Fannie as we know them."

PRESIDENT BARACK OBAMA:  Private capital should take a bigger role in the mortgage market.  I believe that our housing system should operate where there's a limited government role, and private lending should be the backbone of the housing market.  And that includes, by the way, community-based lenders who view their borrowers not just as a number, but as a neighbor.

MARGARET WARNER:  Freddie and Fannie have been in government receivership since failing nearly five years ago, costing the government $187 billion to bail them out.  Now they are turning a profit and are on track to fully repay that amount by 2014.  Two out of every three new home mortgages today are still guaranteed by Freddie and Fannie, 68 percent of the market.