Are Fannie and Freddie toast?
Word is that the feds are ready to take control of Fannie Mae and Freddie Mac. This will further exacerbate the current housing downturn and depress housing values even further. There may be some good in all of this but I personally dont believe that the ultimate reduction of homeownership opportunities for many first time homebuyers will be in the best interest of our country. I may not have always agreed with their tactics but there is no question that Fannie Mae and Freddie Mac made homeownership possible for millions of families that have used their “piece of the rock” to achieve their version of the American dream by using home equity to fund college educations and small businesses. I fear that this latest development will further increase the already sizable cavern between the haves and have-nots. GA