Tags: House | GOP | mortgage | defaults

Mortgage Industry Balks at House GOP Default Plan

Wednesday, 26 Jan 2011 02:16 PM

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

Housing, mortgages, banks, House, GOP“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 said at a hearing in 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.

Share:
  Comment  |
   Contact Us  |
  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.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ben Carson Tries to Clarify Stance on Second Amendment Rights

Thursday, 20 Nov 2014 15:42 PM

Potential 2016 Republican presidential candidate Dr. Ben Carson used a conference call with supporters Wednesday to tack . . .

'I Killed JFK' Producer: We Have Confession of Alleged JFK Killer

Thursday, 20 Nov 2014 14:49 PM

As the 51st anniversary of the assassination of former President John F. Kennedy is approaching, the producer of a new d . . .

Gallup Poll: Majority Say Healthcare Isn't Government's Duty

Thursday, 20 Nov 2014 14:49 PM

For the third consecutive year, a majority of Americans said it is not the role of the federal government to ensure all  . . .

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