Minority Real Estate Trade Groups Approve Feds Action On Fannie Mae and Freddie Mac
With all the furor surrounding the Federal Reserve Board and Treasury Departments actions on Freddie Mac and Fannie Mae, it is good to know that some folks are in there corner. The Asian, Hispanic, and African American broker associations (AREAA, NAHREP, and NAREB) have put out a statement giving their approval of the actions by the Feds.
Thought you would like to know.
“Fannie Mae and Freddie Mac have worked closely with NAHREP, AREAA and NAREB to promote homeownership and affordable housing opportunities in minority and other underserved communities,” said Timothy Sandos, President & CEO of NAHREP. “Without these important institutions, we believe that the current real estate crisis would be significantly worse, particularly for many minority families looking to finance their first homes or refinance out of existing high-cost mortgage products.”
The Multicultural Coalition views the GSEs as pillars of the housing system with an essential role to growing homeownership rates in the minority and immigrant markets. The groups favor immediate actions that ensure that the GSEs have adequate access to liquidity and sufficient capital to help promote recovery in the housing market. via MarketWatch.
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Comment by Red Candles on 18 July 2008:
Apparently you guys didnt get the memo. This is what you are supporting:
1) Congress passes massive bailout bills and gives Paulson an unlimited spending account.
2) Federal Gov runs up against debt ceiling. Congress raises it to the psychologically important and hugely embarassing $10T level.
3) Fed suffering keeps growing from the increasing difficulty in selling T’s and other bonds. (The exodus of foreign money from the US has already begun).
4) Bond prices fall and interest rates continue to climb.
5) Cost of servicing national debt increases, debt spirals higher.
6) Housing prices continue to fall because of higher interest rates and ongoing credit problems.
7) Dollar continues to weaken, pushing up prices for oil, food and other commodities, keeping inflation up.
9) Credit completely disappears, Congress orders Treasury to start printing money. Hyper-inflation begins. USA debt downgraded to junk status. USA is no longer a first-world country.
Now that you know what lies down that road, I am confident you will adjust your lobbying accordingly, to support a plan that does not sacrifice everyone on the altar of your (extremely) short-term self-interest. Thank you.