“President Trump, it’s Time”

 “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

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Comment balloon 3 commentsJoe Petrowsky • April 05 2019 02:51PM
“President Trump, it’s Time”
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“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… more
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“Doing Renovation Loans Correctly! ”
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“ Federal Reserve Signals it Won't Raise Interest Rates This Year” Really good news for anyone considering purchasing a home in 2019 and even beyond. Also, a great time to do a refinance to consolidate debts. I just did a new mortgage for… more
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“What’s the Difference between a Mechanic and a Heart Surgeon? ” A mechanic was removing a cylinder head from the engine of a Harley Davidson motorcycle when he spotted a well-known heart surgeon wandering around the shop. The mechanic… more
“Was it Easy? No! ”
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“Was it Easy? No! ” Hey Joe, Can’t believe I just had the first year anniversary of the closing and most importantly our own home and all kids have settled in. We’re all happy! I know that accomplishing a mortgage for me was a challenge, but now… more
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“Credit Scores Continue Lower for FHA Borrowers” A decrease in average borrower credit scores to 670 for FY 2018, the lowest average since 2008. This decline has continued in FY 2019 as: – More than 28 percent of new forward mortgage… more