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Post-Mortgage Meltdown, Where Do We Go Now? : NPR

As finance experts rethink federal housing policy and whether troubled mortgage giants Fannie Mae and Freddie are worth keeping, some say the benefits of homeownership for many people just aren’t what they used to be.

…So instead of rationally-priced credit, he said, the country wound up with a $6 or $7 trillion bubble in housing values. And all of Wall Street and most of the country’s banks made the same sort of mistakes, Date said. Policy makers are at a bit of a crossroads, said Date, who was among a number of industry leaders who huddled with Treasury Secretary Timothy Geithner this week to figure out a new way forward on housing. Fannie and Freddie have dramatically scaled back their level of aggressiveness in underwriting credit, Date said. But, he added, “the fact of the matter is that on average and over time, Fannie and Freddie represent an economic subsidy from the public at large to middle and upper middle-income homeowners.” Despite talk on Capitol Hill of dismantling the two organizations, it might be tough to get rid of them. That’s because Fannie and Freddie, along with the Federal Housing Administration, are responsible for some 95 percent of the mortgages in the country today, Date said. “If you think that…

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Post-Mortgage Meltdown, Where Do We Go Now? : NPR

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