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Fannie and Freddie´s New
Boss Could Reshape
Mortgage Finance

Businessweek.com, by Jodie Shenn and Clea Benson

Original Article

Posted By:pineledger, 1/11/2014 9:16:49 AM

Mel Watt hadn’t even been sworn in as the head of the Federal Housing Finance Agency when at 9 p.m. on the Friday before Christmas he e-mailed reporters from his personal account saying he would put on hold planned increases in fees Fannie Mae (FNMA) and Freddie Mac (FMCC) charge for insuring mortgage securities. With a three-sentence message, he signaled a break from his predecessor and hinted at how he’ll shape the future of the two firms that guarantee about 60 percent of new U.S. mortgages. (Snip)Watt “is really a bit of an enigma,” says Mortgage Bankers Association President David

Comments:
Watt is no enigma to the voters (such as myself) in the Congressional district he represented until we got rid of him through redistricting. He is a dyed-in-the-wool partisan redistributionist with a racist axe to grind. I have met him and I know a sneak when I see one.
The latest news about the mortgage world is that we are headed down the same path that got us into the mess in 2007-8. Wells Fargo, usually more conservative than some of the other banks, is gearing up to offer "interest only" mortgages. Isn´t that just wonderful.

      


Post Reply  

Reply 1 - Posted by: Salt5792, 1/11/2014 9:49:58 AM     (No. 9688026)

As long as the Feds continue to coerce banks into making mortgages for people with no assets or income, the housing crisis will continue.

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Reply 2 - Posted by: Italiano, 1/11/2014 9:57:46 AM     (No. 9688037)

You think that the last subprime mortgage meltdown was bad? Watch this bozo.

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Reply 3 - Posted by: marthaville, 1/11/2014 11:18:33 AM     (No. 9688161)

Now we learn Mel Watt gets to make up the rules as he goes. Something doesn´t sound right here. Shock!

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Reply 4 - Posted by: Blue-Z-Anna, 1/11/2014 11:40:30 AM     (No. 9688195)

Putting the insurance companies out of business was so much fun and so profitable that they can´t help lusting after the banks.

The Utopian dream is very expensive so they...really need the money.

The "Fee" for managing the great redistribution will be about 95%....like most "Charities".

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Reply 5 - Posted by: caddyjak, 1/11/2014 5:30:11 PM     (No. 9688558)

The last guys that ran this scam only made about 100 million each. Like to see the bonus program of this guy´s contract.

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Reply 6 - Posted by: LanieLou, 1/11/2014 9:34:58 PM     (No. 9688771)

Watt will expedite Agenda 21 plans for gov´t. to own all US property. Don´t be seduced by a low rate to convert your mrtg to a FHA federally owned loan.

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