Tuesday, December 10, 2019 11:55:42 AM
1. FROM THE ARTICLE
This statement is FALSE in part and extremely misleading in part. Fannie and Freddie did NOT implode unless one believes the 3-card monte accounting of FHFA. Fannie alone had $30 BILLION+ CASH in the bank at the time of seizure.
https://www.housingwire.com/articles/34280-the-three-card-monte-accounting-of-fannie-freddie-conservatorship/
Fannie and Freddie "backing loans to borrowers who couldn't pay them" was in fact a FORCED MANDATE imposed on them by HUD policy through the Affordable Housing Goals initiative where as high as 56% of all loans purchased by the GSE's in 2008 had to be subprime, alt-A, no-doc high risk loans.
2. FROM THE ARTICLE
Can we trust FHFA to properly throttle affordability mandates through future administrations with different political goals, many of which politicize the GSE's? I seriously doubt it. This SCREAMS for a more permanent solution. FHFA attempt to justify it's existence? Sure looks like it.
GSE ACT AFFORDABILITY MANDATES FROM FCIC REPORT
So you see, it was FAILED U.S. government housing policies (Affordable Housing Goals) that were the root cause of the '08 crash.
https://www.justice.gov/storage/120919-examination.pdf
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