Banks Want Pieces of Fannie-Freddie Pie

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NYTimes | Banks Want Pieces of Fannie-Freddie Pie

NYTimes | Banks Want Pieces of Fannie-Freddie Pie

By LOUISE STORY
Published: January 20, 2011

As the Obama administration prepares a report on the future of Fannie Mae and Freddie Mac, some of the nation’s largest banks are offering a few suggestions.

Wells Fargo and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities — that would be stamped with a government guarantee.

The banks have presented their ideas publicly through trade groups. Housing industry consultants and people familiar with recent meetings at the Treasury Department say these banks view the government’s overhaul of the mortgage market as a potential profit opportunity. Treasury officials have met with executives from several institutions, including Wells Fargo, Morgan Stanley, Goldman Sachs and Credit Suisse, according to a public listing of the meetings.

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3 Responses to “NYTimes | Banks Want Pieces of Fannie-Freddie Pie”

  1. Virginia says:

    “Wells Fargo and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities — that would be stamped with a government guarantee.”

    I don’t think so – its like letting the fox inside the hen house. All of a sudden these Republican capitalists want the “government” to sponsor them – OMG they’ll lose their “R” card.

    Its time to retire all of them. Get the worldwide confidence back in our marketplace. The ONLY way to gracefully get out of this crash is to have the individual states take back all these foreclosures, REO and loans from 2003-2008 and create housing departments set up to take payments, restructure loans with borrowers at 1-2% interest rates for 30 years and split the income with investors. Land recordation appropriately belongs to each and every state – why let the banks and their MERS pal continue with their housing genocide. The banks won’t accept the regulation – but the states will.

  2. If the banks are able to pull this off, then all hope is lost and the “United States of America” will have to change its name to the “United Banks of America”. As much as I loath government involvement is private business, I like the basic idea that Virginia outlines regarding individual states becoming involved; a very powerful thought.

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