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David Barron

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Sunday, 24 August 2008
Isn't It Time To Retire Fannie Mae And Freddie Mac?

After 70 years of in the mortgage business, Fannie and Freddie seem to be losing their touch. They have insured over 1 trillion dollars in bad mortgages and their share prices have dropped to new lows.

Selling shares of a "Government Sponsored Company" is a bad idea. Nobody has ever suggested that shares in the U.S. Postal Service be made available.

There is a comparable service in Canada called "The Canada Mortgage and Housing Corporation". It has been around for over 60 years and is doing quite well. CMHC is a "Crown Corporation" owned by the Canadian Government. It isn't at the mercy of hedge fund managers and greedy speculators.

It obvious to me and many Americans that the number one issue, right now, is the housing/financial crisis and the resulting economic slowdown.

The next president and vice president of the United States will have their hands full with Iraq and these economic issues.


 


Posted by qualteam at 8:23 PM EDT

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