GOP Introduces Bill Targeting GSE Overhaul
GOP Introduces Bill Targeting GSE Overhaul
GOP Introduces Bill Targeting GSE Overhaul
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March 24, 2011 (Jeff Alan)
mortgage-overhaul-image
House Republican Jeb Hensarling of Texas has introduced the first bill to scale back Fannie Mae and Freddie Mac and privatize the government-sponsored enterprises within the next five years. The bill calls for eliminating the government’s role in the two mortgage giants and the mortgage market. It also calls for the maximum size of loans across the country backed by Fannie and Freddie to drop to $417,000, which now currently range from $417,000 and up to $729,750 in higher priced markets.

“What we’re trying to do is have a market-based system that doesn’t put people into homes that ultimately they can’t keep,” or require taxpayers to do pricey bailouts, Hensarling says.

The legislation comes on the heels of the Obama Administration’s “white paper” report last month outlining the administrations plan to phase out the GSE’s. The Obama plan did not have a definitive route to take, but instead proposed three possible options.

The first option, which is similar to Hensarling’s bill, would provide no loan guarantees to protect mortgage investors beyond those made by existing agencies such as the Federal Housing Administration.

The second option would create some type of government backstop that would kick in only during market emergencies.

The third option would create new federal loan guarantees to replace some of the roles played by Fannie and Freddie. Many Democrats, and some Republicans, have indicated their preference for such a model.

The bill coincides with the Republican beliefs that a piecemeal approach of proposing individual bills could offer more opportunities for cooperation with the White House.

Some government officials have commented that it may take up to two years before the decision on Freddie Mac and Fannie Mae are resolved, however, GOP lawmakers have expressed concern that the urgency for overhaul will dim as the housing market settles out.

If Fannie and Freddie become profitable by 2013, any changes to the companies are “going to morph more and more in the direction of saving the current system,” said Laurie Goodman, senior managing director at Amherst Securities Group LP.

As with the GOP’s other legislation pertaining to phasing the federal government’s anti-foreclosure programs, the Hensarling bill isn’t expected to go far according to industry experts. Even if it does pass the GOP-led House, analysts say it’s unlikely the Democratic-led Senate will take up the bill.

Tags: GOP, Fannie Mae, Freddie Mac, privatization, Hensarling, maximum loan size, white paper report, pricey bailouts, no loan guarantees, overhaul

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Auto Loan
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15 Year vs 30 Year
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Todays Mortgage
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March 24, 2011 (Jeff Alan)
mortgage-overhaul-image
House Republican Jeb Hensarling of Texas has introduced the first bill to scale back Fannie Mae and Freddie Mac and privatize the government-sponsored enterprises within the next five years. The bill calls for eliminating the government’s role in the two mortgage giants and the mortgage market. It also calls for the maximum size of loans across the country backed by Fannie and Freddie to drop to $417,000, which now currently range from $417,000 and up to $729,750 in higher priced markets.

“What we’re trying to do is have a market-based system that doesn’t put people into homes that ultimately they can’t keep,” or require taxpayers to do pricey bailouts, Hensarling says.

The legislation comes on the heels of the Obama Administration’s “white paper” report last month outlining the administrations plan to phase out the GSE’s. The Obama plan did not have a definitive route to take, but instead proposed three possible options.

The first option, which is similar to Hensarling’s bill, would provide no loan guarantees to protect mortgage investors beyond those made by existing agencies such as the Federal Housing Administration.

The second option would create some type of government backstop that would kick in only during market emergencies.

The third option would create new federal loan guarantees to replace some of the roles played by Fannie and Freddie. Many Democrats, and some Republicans, have indicated their preference for such a model.

The bill coincides with the Republican beliefs that a piecemeal approach of proposing individual bills could offer more opportunities for cooperation with the White House.

Some government officials have commented that it may take up to two years before the decision on Freddie Mac and Fannie Mae are resolved, however, GOP lawmakers have expressed concern that the urgency for overhaul will dim as the housing market settles out.

If Fannie and Freddie become profitable by 2013, any changes to the companies are “going to morph more and more in the direction of saving the current system,” said Laurie Goodman, senior managing director at Amherst Securities Group LP.

As with the GOP’s other legislation pertaining to phasing the federal government’s anti-foreclosure programs, the Hensarling bill isn’t expected to go far according to industry experts. Even if it does pass the GOP-led House, analysts say it’s unlikely the Democratic-led Senate will take up the bill.

Tags: GOP, Fannie Mae, Freddie Mac, privatization, Hensarling, maximum loan size, white paper report, pricey bailouts, no loan guarantees, overhaul

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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March 24, 2011 (Jeff Alan)
mortgage-overhaul-image
House Republican Jeb Hensarling of Texas has introduced the first bill to scale back Fannie Mae and Freddie Mac and privatize the government-sponsored enterprises within the next five years. The bill calls for eliminating the government’s role in the two mortgage giants and the mortgage market. It also calls for the maximum size of loans across the country backed by Fannie and Freddie to drop to $417,000, which now currently range from $417,000 and up to $729,750 in higher priced markets.

“What we’re trying to do is have a market-based system that doesn’t put people into homes that ultimately they can’t keep,” or require taxpayers to do pricey bailouts, Hensarling says.

The legislation comes on the heels of the Obama Administration’s “white paper” report last month outlining the administrations plan to phase out the GSE’s. The Obama plan did not have a definitive route to take, but instead proposed three possible options.

The first option, which is similar to Hensarling’s bill, would provide no loan guarantees to protect mortgage investors beyond those made by existing agencies such as the Federal Housing Administration.

The second option would create some type of government backstop that would kick in only during market emergencies.

The third option would create new federal loan guarantees to replace some of the roles played by Fannie and Freddie. Many Democrats, and some Republicans, have indicated their preference for such a model.

The bill coincides with the Republican beliefs that a piecemeal approach of proposing individual bills could offer more opportunities for cooperation with the White House.

Some government officials have commented that it may take up to two years before the decision on Freddie Mac and Fannie Mae are resolved, however, GOP lawmakers have expressed concern that the urgency for overhaul will dim as the housing market settles out.

If Fannie and Freddie become profitable by 2013, any changes to the companies are “going to morph more and more in the direction of saving the current system,” said Laurie Goodman, senior managing director at Amherst Securities Group LP.

As with the GOP’s other legislation pertaining to phasing the federal government’s anti-foreclosure programs, the Hensarling bill isn’t expected to go far according to industry experts. Even if it does pass the GOP-led House, analysts say it’s unlikely the Democratic-led Senate will take up the bill.

Tags: GOP, Fannie Mae, Freddie Mac, privatization, Hensarling, maximum loan size, white paper report, pricey bailouts, no loan guarantees, overhaul

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.