Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) have reached a plan which will wind down and eliminate Fannie and Freddie and raise home loan rates
Congress in its wisdom has decided to increase interest rates for home loans and increase the deficit. Under this plan down payments will go up and without any insurance from the government the historically successful USA home lending program will be gutted causing a boom in rents and windfall profits for apartment landlords.
Shares of Fannie Mae (NASDAQOTCBB: FNMA ) fell by an astonishing 40% and Freddie Mac (NASDAQOTCBB: FMCC ) was not far behind dropping 30%, as a result of the announcement of the bi-partisan bill posed by the Senate Banking Committee to begin winding downing the two government sponsored entities.
The federal government took over Fannie and Freddie after propping them
up with a $187 billion bailout. Since the bailout the Treasury
department has turned a profit from its investment in the lenders.
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