Freddie Mac-No Politics (FMCC)

[pablocruize]

There is a total disconnect between what Obama says and that of his own record and the record of Mel Watts.

On the eve of the financial crisis, Watt actually proposed the creation of the regulatory agency he now seeks to run — only, he designed it not to reform Fannie and Freddie but to pressure them to underwrite even more affordable housing, exposing them to even more risk.
The bill he co-sponsored with then-banking panel Chairman Barney Frank — the Federal Housing Finance Reform Act of 2007 — would have forced the federally backed mortgage giants to meet even tougher quotas for affordable lending, while contributing to an "Affordable Housing Fund" to rebuild blighted urban areas.
"The real benefit of this bill is that it will provide a big stimulus for more affordable housing," Watt said at the time, ignoring concerns the agencies already were overexposed to low-income loans.

Whats Obama up to?


Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials-viewpoint/072613-665261-mel-watt-blueprint-for-socializing-fannie-freddie-mac.htm#ixzz2b9sQrs61
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