On Tuesday, Obama proposed a broad overhaul of the U.S. mortgage finance system, including winding down Fannie and Freddie. He declared that taxpayers should never again be left ‘‘holding the bag’’ for the mortgage giants’ risky moves.
Obama wants to replace them with a system that would put the private sector, not the government, primarily at risk for the loans. The government would still be involved, both in oversight and as a last-resort loan guarantor. Obama also wants a guarantee that private lenders will make sure homeowners have access to 30-year fixed mortgages.
Source: Boston Globe
Obama is a socialist! Obama is a socialist! Obama is a so…cial..i..s……