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Democrats Fight to Save 30-Year-Mortgages

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Democrats Fight to Save 30-Year-MortgagesCritics say a new law introduced by Republican U.S. Rep. Jeb Hensarling, designed to advance the rate at which the portfolios for Fannie Mae and Freddie Mac are sold off, would severely limit the number of 30-year fixed-rate mortgages available in the U.S., according to a report from MartketWatch. Experts recently testified before Congress that returning Fannie and Freddie to the private sector would lead to a price increase most middle class families couldn’t begin to afford.

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Republican lawmakers are eager to find a way to get Fannie and Freddie – which were nationalized in 2008 at the height of the mortgage meltdown – off the federal books, the report said. Already, the companies have cost taxpayers a combined $151 billion with more losses expected over the next decade.

“I am very concerned that those proposals, which would create fire sales of Fannie and Freddie portfolios, would only further depress loans values and reduce the returns to taxpayers of the current portfolios at Fannie Mae regardless of what cost accounting we use,” Rep. Chris Van Hollen, a Maryland Democrat, said at a recent hearing of the House Budget Committee, according to the site. “Those concerns are shared by many others.”

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Fannie and Freddie have been bleeding money since being taken over by the government because they were forced to take on large amounts of toxic assets after a number of the nation’s major financial institutions failed in 2008.

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  • http://www.foreclosurehamlet.org/profile/topguncreditadvisor topguncrdtadvsr

    Crisis Alert! The people running our government and banking system are the same people over the years who have murdered various people that attempted to make this country right for all. When our elite politicians, public officials, attorney’s and judges are held responsible for destroying our country from within then our country will recover. Until then expect to see the continual destruction of our country.

    Everyday we hear of more and more politicians getting accused of this and that. When judges don’t rule with impartiality necessary to govern beyond a reasonable doubt they need to be off the bench. To be granted unlimited immunity to steal family fortunes, and endlessly murder, harms so many! The attempt to take down millions of people needs to END!

    They blame this crisis on the homeowners inability to pay. The root cause of the crisis is the refusal to endorse fairness to anyone with a way to make a change. The unfortunate thing is life happens for everyone. Not everyone can control circumstances beyond their control.. People with a fiduciary responsibility need to be able to tell the TRUTH IN A COURT OF LAW.

    I did. Truth is two of the top foreclosure trustees in the USA over 35 of the top law offices nationally are in with all of the servicers from various cases I’ve found. Some are even the National Director for Fannie Mae. But the news don’t tell you this. They also don’t tell you how intertwined the companies really are. Or that they hire minions within our Dept of Justice to allow the complete refusal to file an adversary against them. Then if you do they get by with removing the documents from the supposed court of Competent Record.

    While I may not be an atty or public official I know what I was encouraged to do and what I’ve lived thru all for the way I have to pay my bills adequately. The crisis won’t be resolved with the current politicians in the picture for America. None of them know what its like to make an honest living and encourage an honest living for all . Hence the crisis we now have today.

    Our Dept of Justice has let the whole country down folks! Sorry just the way I see it. I’m not someone who dislikes them either. I actually think banking and being in such a level w/in our society means something. But I believe in justice for all-Not the coloration of the law that only works for a certain few.

    Why should the homeowners have to pay what the trustees don’t have to? They write of thousands everyday without losing everything they’ve made in life. Without no ramifications. These are the largest asset managers in the world and they need to be changed for the GOOD OF ALL PEOPLE! Judging fairly and honestly with an unbiased prejudged view is necessary in today’s world!

    Maybe someone should make a mandatory change to Recusal laws. That if a federal judge decides to recuse after ruling in a biased manner that an adequate public toll be taken to see how that judges actions have harmed millions. Instead of sending off to judges who are bought and paid for by the criminal elite of our country!

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