Bankers Press Hill to Back Mortgage Protection

Wednesday, 26 Jan 2011 01:07 PM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
House Republicans who don’t want taxpayers covering defaults on home mortgages anymore have hit opposition to their proposed reforms from a longtime GOP ally: the home-loan industry. The Wall Street Journal reports that mortgage investors and bankers are pressing lawmakers to preserve the U.S. government’s backing of housing finance.

home, mortgage, protection“If I were the industry, I would be doing the same thing because I would love to make loans and if they failed, let the taxpayers make up the loss. That’s a pretty sweet deal,” Rep. Spencer Bachus (pictured) said at a hearing last September, before the Alabama Republican became chairman of the House Financial Services Committee.

Industry representatives say they need government guarantees to keep interest rates on loans affordable and ensure that loans are available during downturns.

But many Republicans say the government’s two big mortgage guarantors, Fannie Mae and Freddie Mac, are to blame for the foreclosure crisis because they promoted lending to unqualified buyers -- and are now looking for their own taxpayer bailouts after losing billions mortgage defaults.



© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Fired Officer Not Charged in Fatal Milwaukee Shooting

Monday, 22 Dec 2014 18:34 PM

A white Milwaukee police officer fired after fatally shooting a mentally ill black man in April won't face criminal char . . .

Dem Lawmaker Asks Sony to Arrange 'The Interview' Screening

Monday, 22 Dec 2014 18:13 PM

A Democratic congressman has asked Sony Pictures if lawmakers on Capitol Hill can host a screening of "The Interview." . . .

Singer Joe Cocker, 70, Dies of Lung Cancer

Monday, 22 Dec 2014 13:45 PM

Joe Cocker, the raspy-voiced British singer known for his frenzied cover of With a Little Help From My Friends, the te . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved