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Agreement in Washington may be OK a group of bipartisan senators is hoping to introduce a bill that would shut down government run.
Freddie Mac and Fannie Mae so -- the end of these government sponsored agencies that give out mortgages.
Be -- good about the for the US housing market.
But it really -- to the collapse or could it be a great thing joining me now the hosts of the national real estate -- Brian Stevens.
And frank -- -- you know I -- you guys malady.
Entities I hope your aggregate of up -- after I hit it -- it that it's happened before the couple hours -- that I can imagine but wasn't -- the mortgage shed.
I guess focus on the so let's get to this issue of why it would it be a bad thing that to get rid of Fannie Mae and Freddie Mac.
Brent forties stamp on this issue and then again let's remind people that a lot of people who are lower in Cobb are able to get their mortgages through Fannie Mae and Freddie.
Yeah right exactly if Fannie and Freddie Mac -- to go away I would be pretty much catastrophic personal.
Trying to get private.
You know industry can -- take their place be pretty big undertaking but let's face the facts Fannie Mae and Freddie Mac right here right now they had some problems here in the in the in the recent past.
But prior -- that they're fantastic and now their amazing they have record profits that they they've got that the they're pretty much the only source that most of our management -- -- -- to get bought and sold it would be devastating.
-- -- -- And let's be clear about this.
Fannie and Freddie -- go ain't nowhere.
I don't care what anybody says about this.
There -- going nowhere and the reason is very simple way they're making money like -- hand over fist.
Right now you've got Timothy Geithner you got -- -- acting you've got -- from app page at bay having money -- I think they'll funnel more money that they get.
And what doesn't.
Very matter of -- of five said he was still around because he's happy to leave these issues it's Jack -- treasury and and I know what you're -- These guys are look at -- and you're saying they're taking money -- because these companies are making a lot of money but the issue you point out Brian and and frank is that.
Fannie Mae and Freddie Mac are encouraging people to miss their mortgage payments.
Where's your proof of that well don't -- Well a while they certainly I mean but the big issue that everybody have to Fannie Mae and Freddie Mac -- they took over at 300 million dollar bail out of the it's the biggest -- in the history.
Of the world.
But they have over the past couple years paid that money back by and large now.
Anybody has been around for 76 years they've had four bad years they've been very Philanthropic.
And we should just call Mulligan on this -- here's the deal.
What they've done is they've increased their GP which is the money to guarantee -- that they get and that's how they're making their money but it's very strange what's taken place.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- What Fannie Mae and Freddie Mac have done here and -- -- -- -- to hear this over the past few months they have made a decision.
To where if somebody simply misses their payment and it's a loan that's backed by Fannie Mae or Freddie Mac which by the way over 70% all -- into the country about but I.
If you'd just miss your payment your servicer has been required to send you -- -- which is going to give you.
A no documentation.
A no credit -- -- costs.
They know appraisal which by the way these are all terms for sub prime loans -- -- giving you a refinance a good thing there.
It it it.
You know I think it's a good yeah.
All this all came about as a as a political move in my opinion but now it's horrible and listen when you borrow money doesn't -- would you not agree if you.
Me yeah assumption is that you're going to pay me back based on the terms of what ever had a green what I like everybody stands and what Buchberger and I would agree with what we're saying right now what Fannie and Freddie Mac is not throw that whole thing out the window right now.
All you have to do is they'll make your payment and let me tell you -- You can mr.
Taylor for up to two years.
Into it why can you imagine I think of that wave runners on my god -- gonna get a -- -- -- I'm negative way Broderick and that's why Holler.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- We should go but -- but we -- -- have you back and we're gonna watch this because of senator Bob Corcoran senator Mark Warner the bipartisan team here want this to happen I wanna get rid of Fannie Mae Freddie Mac.
On our screen Brian never say never gonna happen we'll watch.
Let's let it happen -- -- and whenever I see Frankie trimmed the mullet.
You know you.
Can track I just come back -- hot bat that's scary trying to.
And I couldn't -- to about could easily pick up.
Brian Stevenson breaker a host of the national real estate -- checked them out they're getting millions of hits.
Take a different look at mortgages actually -- --
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