Found 1 blog entry about Government.

The Obama administration is reducing the government's role in mortgages. They have made a proposal that will undo 70 years of previous federal policy aimed at getting Americans to buy homes. This proposal may also increase the expense of home loans all across the board.

The plan, rolled out by the Treasury Department on Friday, will slowly dissolve Fannie Mae and Freddie Mac. These two programs are government-sponsored and purchased mortgages during the 2008 housing slump to encourage more lending. Eventually these purchases had to be bailed out.

"It's clear the administration wants the private sector to take a more prominent role in the mortgage rates, and in order for that to happen, mortgage rates have to go up," said Thomas Lawler, a housing

1,163 Views, 0 Comments