Freddie's Foreclosure Plan Hits Roadblock

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Freddie’s Foreclosure Plan Hits Roadblock

Freddie’s Foreclosure Plan Hits Roadblock

WSJ-

Freddie Mac is engaged in a tug of war with both its regulator and Wall Street over a plan to provide loans to investors that are buying homes in foreclosure to rent them out.

The government-backed mortgage giant is pushing to finance such investors to help jump-start a housing recovery. But the Federal Housing Finance Agency has put those plans on hold, concerned Freddie’s cheap debt would make it difficult for banks to compete for the growing number of buyers of foreclosed homes, people familiar with the proposed financing said. The FHFA also worries Freddie’s involvement would deepen the government’s role in the nation’s real-estate economy.

Banks want to keep Freddie out of the financing market, and have told the FHFA that they can provide ample loans to investors. Bankers say an FHFA decision to sideline Freddie could drive investors toward their loans and other services, generating fees.

[WALL STREET JOURNAL]

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One Response to “Freddie’s Foreclosure Plan Hits Roadblock”

  1. Sarah says:

    The FHFA is eager to help banks, so yes, appearances must be given that they are working for loftier, more benevolent goals.
    Much like greasy politicians, the FHFA’s “PR” is written by the industry. Therefore, juicy idiocy like “Government involvement” or “the taxpayers” is repeated by diligent career stooges.
    The Nazi party had an equally effective system while trainloads of “deadbeats” were on their way to a final solution. Comparison isn’t quite equal, but the mechanism is the same.

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