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Discarding Fannie Mae and Freddie Mac = A Nightmare

While the Republican-led House Financial Services Committee is supporting legislation to totally eliminate Fannie Mae and Freddie Mac from the mortgage business with no government interference , the Democrat-majority Senate Banking Committee says the government needs to be a backstop to make certain borrowers of modest means can continue to obtain financing. Even President Obama, as MHProNews reported here Aug. 7, states the mortgage industry would be better served with more private sector involvement. Meanwhile, as HousingWire reports, Fox News blogger Peter Morici and USA Today both say eliminating Fannie and Freddie would raise the cost of borrowing to a level that would be out of reach of the middle class.

(Image credit: Fotosearch)

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