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  • Fannie Mae

    Another Subprime Idea from Obama

    The Obama Administration is reportedly pushing banks to increase mortgage lending to people with relatively weak credit in hopes of boosting home sales. But the very same policy under Presidents Clinton and Bush contributed mightily to the housing bubble that ultimately devastated millions of families in mortgage default. Credit is … More

    Taxpayer-Funded Infrastructure Bank: The "Investment" Isn't Worth It

    Bad ideas never seem to die. But the proposal to create a national infrastructure bank to federally fund transportation and infrastructure projects with taxpayer dollars is one such idea that President Obama and lawmakers in the 113th Congress should put to rest. A recent Politico article noted that the departure … More

    A Housing Finance Market Without Fannie Mae and Freddie Mac

    What would the potential impact on the economy be if Fannie Mae and Freddie Mac—the housing finance government-sponsored enterprises (GSEs)—were eliminated? Our research indicates that winding down Fannie Mae and Freddie Mac from the mortgage market would have a minimal and predictable effect on the economy. Since 2008, Fannie Mae … More

    IMF: Fannie and Freddie Threaten U.S. Fiscal Health

    Followers of the International Monetary Fund (IMF) have long joked that the fund’s acronym stands for “It’s Mostly Fiscal.” For a long time it has helped bail out basket-case economies with severe fiscal deficiencies, such as Greece, Russia, and Argentina. But a recent report shows that the IMF is now … More

    Countrywide Gave VIP Loans to Top Policymakers, Regulators

    The now defunct Countrywide Financial Corp. issued hundreds of discounted loans to government officials and Fannie Mae employees in order to build clout with influential policymakers, a new House report shows. The report, issued by the House Oversight and Government Reform Committee, details several Countrywide VIP loans that were given … More

    Congressman: Export-Import Bank Is a Case of Corporate Welfare

    House leaders have reportedly struck a deal to vote on reauthorization of the Export-Import Bank next week despite strident opposition from conservatives. Heritage’s Bryan Riley has called it the “Fannie Mae for exporters.” The Export-Import Bank provides taxpayer-subsidized loans to U.S. exporters. The bank’s charter will expire at the end … More

    Morning Bell: What if Fannie and Freddie Were Eliminated?

    For the past several years, it’s not been an uncommon sight in Anytown, USA, to drive down the street and see home after home for sale after going through foreclosure. They are the still-lingering hangover from the housing crash that began in 2007. Though the true cause of what burst … More

    DeMarco Warns of the Dangers of Large-Scale Forgiving of Mortgage Debt

    To hear certain parts of the press tell it, the acting director of the Federal Housing Finance Agency (FHFA), Ed DeMarco, announced that the agency is willing to consider wholesale write-downs of underwater mortgages in a recent speech on the subject. However, a closer reading of DeMarco’s speech and the … More

    SEC Charges Reinforce Case for Eliminating Fannie Mae, Freddie Mac

    The misguided federal policy to concentrate the U.S. mortgage finance industry in two huge government-sponsored entities was underscored again this morning when the Securities and Exchange Commission (SEC) charged six former Fannie Mae and Freddie Mac executives with misleading investors and Congress about the amount of poor-credit-quality mortgages each entity … More

    The Middle Class Tax Relief and Job Creation Act

    On Friday, December 9, 2011, Representative Dave Camp (R-MI), with several cosponsors, introduced H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2011.”  The 369-page bill consists of six titles, main elements of which are discussed below. Title I of the bill gets the government out of … More