Change We Can Believe In?? part 2

11 08 2009

changeI note today that the White house is looking at overhauling the mortgage finance system. I guess it is because Fannie Mae and Freddie Mac both need more money, money, money. You know, we went for many years, ever since the 1930’s and these agencies did just fine all by themselves. You might remember some of those FHA loans that allowed us young people to be able to buy that wonderful new house in the 1950’s. My husband and I, along with quite a number of friends bought a home with a loan guaranteed by FHA. Originally set up to support mortgage lending during the Great Depression, it also  allowed the returning servicemen after World War II to afford to buy a home. They were building homes all over the place at that time. And selling all they could build. It was the time of the pre-fab industry and it was wonderful for everyone.

But Obama and others in the government including Treasury Sec Timothy Geithner are now busy having internal discussions over the future of the companies; if they overhaul, it would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home loan market. The agencies were effectively NATIONALIZED  last September. The government has since pledged more than $1.5 TRILLION including $85 BILLION in direct aid, to keep them moving along. Why is the government suddenly the savior rushing to the rescue in every field? According to their usual doublespeak, the internal discussions over the future of the companies began earlier this year during the regulatory change planning process and now are entering a more serious phase. Oh dear! Seems National Economic Council has long wanted to overhaul the companies and now they have their chance. When the chief regulator retires later this month, he said there needs to be a good bank, bad bank structure. This would allow all those ailing mortgages to be placed in a bad bank where they could possibly be collected over time. And THEN  THEN, the government could create new companies that would support investors. Then the good banks would be consolidated into a single GOVERNMENT AGENCY. They are about to government us to death. Seems the major problem is that there are still trillions of dollars of existing mortgages and uncertainty over the size of future losses.

These agencies were created by the government originally but were actually owned by private shareholders. They are now majority-owned by the government. Is everything owned by the government now? Car manufacturers, banks, health care, and the mortgage industry. What is going on here? Pay attention. Except for a few conservatives, most of the media seems to be owned by the government, too. You can tell that by listening to the extremely slanted news programs.

Write your congressmen with your opinions on every subject you wish. But get those cards and letters in the mail NOW. Speak Up! Let Congress know what you want and when you want it, and how you want it. That is the CHANGE we need. We need to get involved and start running our own country. I don’t know about you, but I am tired of the government butting into every aspect of my life.

And by the way, if you like my writing, by all means buy one of my books. E-Books are only $4 apiece. They are great entertainment. I grew up when laughter was really fun. Life was fun. And Exciting. And  always promising. Where else can you get such great entertainment for such a low price. Paperbacks in the mail are only $7.  Enjoy!!!