Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.99%0.00
InvestmentsMortgageReal EstateServicing

President Obama personally promises to help fix Fannie and Freddie

The political will to produce housing reform in regards to Fannie Mae and Freddie Mac just came straight from the top.

In a speech to students at Knox College in Galesburg, Illinois, President Barack Obama said, "I’m also acting on my own to cut red tape for responsible families who want to get a mortgage, but the bank says no."

"And we’ll work with both parties to turn the page on Fannie Mae and Freddie Mac, and build a housing finance system that’s rock-solid for future generations," he added.

The President delivered those remarks as part of a larger economic speaking tour where he laid out a plan to bolster the fragile economic recovery.

The Washington Post carried the prepared remarks here. However, Obama did not implicity support the PATH proposal — current legislation designed to reform the nation’s housing finance system which recently passed the House Financial Services Committee, paving the way for a full vote in the house.

In his speech, however, the President did say he wanted to create a real estate market that is hedged from bubbles. And he wants to get started now.

"Already, I’ve asked Congress to pass a good, bipartisan idea – one that was championed by Mitt Romney’s economic advisor – to give every homeowner the chance to refinance their mortgage and save thousands of dollars a year," he said.

The White House website is currently running the full video.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please