Major Changes to Mortgages

[flip_it_fast]

I just read that President Obama's administration has unveiled plans to make major changes to mortgages.

They actually want to remake the mortgage market and wind down Fannie Mae and Freddie Mac, reducing the governments role in mortgages and house financing.

They want to take steps to bring private capital back into the market, be rid of unfair lending practices and make federal support for borrowers more targeted.

The plan would phase in changes over a period of years and push back the most dramatic restructuring, which would require congressional approval, until as late as 2018.
"We are going to start the process of reform now, but we are going to do it responsibly and carefully so that we support the recovery and the process of repair of the housing market," Treasury Secretary Tim Geithner said in a statement.

Mortgage Changes