Replies to post #204662 on Fannie Mae-No Politics (FNMA)

[trunkmonk]

good post, didn't know that.
is there another visit in the future, where we can apologize, if so I'm in.
I am a simple person who has worked and paid taxes since 1976. I have been bamboozled by CEOs and BODs of stocks and its all in their favor in the markets, nothing I can do about it because the SEC allows it or cant figure it out. I don't want congress to think I try and manipulate anything, I only expect the same from them, I have enough issues with investments without Congress working against me also. Its a much larger issue when it comes to housing markets and economy if GSEs get wiped out of the foundations of this Nation.
I do what I think is best for God, my family, and my country.

[chessmaster315]

Even worse, Senators want to punish the American people for what fannie lobbyists did 10 years ago, by putting our economy in a deep recession where only 10 percent of people can buy a home or sell their home.

Most homes will wind up in foreclosure because only 10 % of people can now qualify for a mortgage..they wont have the down payment..20%..they wont want the ballon note in 10 years because the 30 year mortgage dies with fannie.

Its horrifying to think what will happen when Americans can no longer buy or sell their home because financing it will be too hard or simply out of reach.

Right now, banks dont mind makeing fannie loans. They can buy and sell fannie mortgages as if they were treasury bills. They need not worry about the 30 year, they can simply sell them.

Absent a government guarntee on the loan, other banks or investors dont want a mortgage written with another banks standards.

Killing fannie mae is like throwing a nuclear weapon on our economy. Fannie shareholders will just be ONE of the many "collateral damages". Homeowners will be another. Realtors. Title insurance companies. Home inspections and repairs. The list goes on and on.