“President Trump, it’s Time”
https://www.whitehouse.gov/presidential-actions/memorandum-federal-housing-finance-reform/
So, what’s this all about? In 2008 during the financial crisis Fannie Mae and Freddie Mac had to be bailed out. In excess of 90% of conventional mortgages are purchased by these two companies. At the time these were privately held companies, but that all changed.
As part of the bailout 80% of the ownership was transferred to the Federal Government. Unfortunately, the majority of stock holders lost most if not all they had invested. The two companies continued to buy mortgages that were originated by banks, credit unions, mortgage lenders and mortgage bankers.
A little history since 2008; both companies paid back all that they borrowed as part of the bailout. But since both companies were making a boat load of money the FED saw them as cash cows, to the tune of billions each year. During the last administration there was no appetite to change things.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.
