Do not be fooled by the shorts on here, there goal is to get you to sell and help make them money on the way down. A Lot of people think shorting is something bad (yes it is), actually for some people this is how they make money on the way up and down. The sad part is that those people are amongst us. In a way i am happy as the more dishonest hind and jerk for the ride show up here the more my confidence builds as I know we will be just fine. The below is an excellent read and another reason to why we will be just fine.
What would happen if we fully privatized the U.S. mortgage market?
Many conservative analysts and politicians—resorting to heated rhetoric and mistruths about the origins of the crisis—argue that we need a fully private mortgage market run by Wall Street. It was the fully private segment of the market, however, that caused millions of foreclosures and brought down the entire financial system. If we draw the wrong lesson from the financial crisis and abruptly withdraw the government from mortgage finance, it will lead to a sharp reduction in the availability of home loans, cutting off access to mortgage finance for the middle class.
History is a helpful guide here. Prior to the introduction of the government guarantee on residential mortgages in the 1930s, mortgages typically had 50 percent down-payment requirements, short durations, and high interest rates—putting homeownership out of reach for many middle-class families. The housing finance system was subject to frequent panics during which depositors demanded cash from their banks, leaving lenders insolvent. That volatility is one reason why every other developed economy in the world has deep levels of government support for residential mortgage finance.
In addition, abruptly removing government support would almost certainly mean the end of the 30-year fixed-rate mortgage, now a pillar of the U.S. housing market. Middle-class families for decades have depended on the security and affordability of this product, which allows borrowers to fix their housing costs and better plan for their futures in an ever more volatile economy. Most experts agree that this highly beneficial product would largely disappear without a government guarantee.
Conclusion
To be sure, Fannie Mae and Freddie Mac were flawed companies that made several bad business decisions, and taxpayers should never again have to foot the bill for any financial institution’s greed. But as policymakers look to the future of U.S. housing finance, they must seek smart reforms that focus on what was broken in the previous system, while maintaining what worked for decades. The federal government must continue to play a key role in the housing market, regardless of whether it works through Fannie and Freddie, a new agency, or purely private firms.
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