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Mortgage Bankers: Break Up Freddie and Fannie

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posted on Sep, 2 2009 @ 12:23 PM
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Mortgage Bankers: Break Up Freddie and Fannie


moneynews.newsmax.com

Mortgage Bankers: Break Up Freddie and Fannie

Wednesday, September 2, 2009 9:12 AM

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NEW YORK -- The U.S. Mortgage Bankers Association said on Wednesday it will ask Congress to transform mortgage lenders Fannie Mae, Freddie Mac into several smaller, privately held companies that would issue mortgage securities with a government guarantee.


The proposed framework from the industry group would give successor entities to Fannie Mae and Freddie Mac the authority to create securities backed by certain types of mortgage.


The new companies would guarant
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posted on Sep, 2 2009 @ 12:23 PM
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I think that this could be related to the bank sale a couple weeks ago to the Spanish bank. Also, the lessening of restrictions regarding private securities in buying banks and how much they must invest personally.

About 5 years ago, the U. S. Treasurer was running back and forth to China - reason: cutting a deal for the debt. China at that time said they were through with treasuries. Instead, they would be paid in 1) gold, 2) mortgage paper, and 3) Gulf Coast real estate.

After the hurricane season of '04, insurance companies began to drop property coverage for gulf coast properties. The door is now open. This is most likely step 2 for the mortgage paper. Who knows if Ft. Knox is still full?

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