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Jim Duncan
September 6, 2008 at 9:36 am
I feel the exact same way and see hope as masquerading as optimism, as the alternative – the utter collapse of the secondary market – creates consequences I cannot fathom.
Chris Shouse
September 6, 2008 at 12:12 pm
Jim I can not name one not one instance when the government has done a better job than the private sector.
Al Perry
September 6, 2008 at 5:21 pm
Wow, I guess I have been waiting for this to happen since the beginning of the year. It will be interesting to see how the takeover plays out. I, for one, am choosing to be positive about this change. While I would be very suprised if the government is more efficient leading the two GSE’s, this may be a necessary step to a new begining. Hopefully Bill is correct and “dawn” is now in the near future. I like to say…give me the rules and I will play the game. Even if the government goes to extremes, it will be a welcome change to be able to identify the rules. I am confident that our industry and the clients we serve will land on our feet. Until then – FHA, FHA, FHA, all the way!
Brad Nix
September 7, 2008 at 8:45 am
I’m no expert in government-owned corporations, but I do know a little bit about the United States Postal Service (my father and step-mother are both local Post Masters). The government has owned or operated this vital service since 1776 and the USPS has operated as a “quasi-independent agency” since 1971. I know the Postal Service is not perfect, but it does work and I can’t recall a collapse due to lack of funds or mismanagement. Perhaps our government can provide similar management of Fannie and Freddie. Or perhaps I am just as hopeful as Bill.
Bob
September 7, 2008 at 9:03 am
Starting any minute:
U.S. Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart to release details of the planned conservatorship of Fannie Mae and Freddie Mac at an 11 a.m. press conference in downtown Washington.
Bill Lublin
September 7, 2008 at 2:55 pm
OK, so now its offical –
@Brad – I gotta tell you if we can get the mortgage industry working as well as te Post Office, even with its challenges- I’m a happy guy-
@Al Perry – Looks like we have a new day – lets hope we have the dawn that goes with it
Steve Simon
September 8, 2008 at 5:33 am
Fannie and Freddie, have been bailed out, its official, but its not enough…
September 8th, 2008
Over the weekend the two largest secondary market (where loans are bought and sold) players in history FNMA (Federal National Mortgage Association) and FHLMC (Federal Home Loan Mortgage Corp.) were officially bailed out and had their leadership axed for new Generals!
great if you’re talking about a quick fix, but not an answer that will work for the long term.
By the way the FHA is an insurance company, govenment but insurance, FNMA and FHLMC are secondary market providers they provide liquidity not insurance…
The answer is a quick fix, not a cure if you want to read a much longer explanation its the latest post onmy blog, you can find it you really want to 🙂
This was a simple solution, and whensimple solutions are used for complex problems those answers are usually incomplete…