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Tuesday, August 06, 2013 4:42:55 PM
The whole reform debate is ironic to me. Fannie Mae was born out of the Great Depression because interest rates and down payments were ungodly high. The government stepped in so that the middle class could afford to own a home again. The government essentially took loans "off of the books" of private banks, allowing them to free up capital to make more loans and investments. And so the cycle continued until poor lending practices became more common.
Now there's a push to go away from that model. My guess is that as the mortgage-backed securities market is weaned from FnF, private capital won't be able to or willing to keep up with demand (or the public will complain of increasing interest rates and down payments) and then politicians will be arguing for more government intervention in housing.
All in all, big gap down tomorrow and then maybe run after earnings late next week.
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