It is time to start dialing down the role of Fannie Mae, Freddie Mac and the Federal Housing Administration while allowing market forces to work in the housing and mortgage industries to heal the economy from the subprime mortgage crisis.
All of the government's initiatives to keep mortgages out of foreclosure need to stop,
One of the things I learned very quickly is that markets aren't kind, but they're very efficient. The government has tried to "sedate" the housing market for months, thinking the pain will vanish.

All you do when you give somebody a painkiller is you're numbing the pain, but the pain is still there. There is pain to be had out in this marketplace.

Money is sitting on the sidelines ready to start buying up the oversupply of housing. Now the prices will be lower. From a homeowner's perspective , the sooner we can get that inventory into the economy, the sooner I believe long term that housing prices begin to stabilize in this country.
I realize this stance is not popular.

The time is now to start dialing down the role of government-sponsored entities Freddie Mac, Fannie Mae and the Federal Housing Administration because they're already backing most mortgage loans, and they become more dug in each day that goes by.
Lawmakers shouldn't wait until the economic recovery begins when changing the rules will create more uncertainty.

Patrick McCarthy
866-901-357