“President Trump, it’s Time”
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
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