Aug 08 2013
How Obama’s Plan To Gut Fannie Mae and Freddie Mac Misses the Point
While Wall Street is back to making record breaking profits the average American continues to suffer from the fall out of the financial crisis.
In a speech on the economy this past Tuesday, President Obama laid the blame for the financial crisis at the feet of government-sponsored Fannie Mae and Freddie Mac and vowed to restructure the two mortgage giants which back nearly 90 percent of all new mortgages in the United States.
Fannie Mae and Freddie Mac were bailed out by the US Government in 2008 with $187 billion, which they have just now begun repaying. A primary part of Obama’s plan is to have the private sector take over all mortgage lending.
GUEST: William Black, associate professor of economics and law at the University of Missouri in Kansas City, author of the book The Best Way to Rob a Bank is to Own One
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