This is the backbone of America
The 30 yr mortgage is dependent on having a secondary mortgage industry that isn't compromised by big banks.
Most people dont understand that these "Government Sponsored Entities" we're chartered by Congress but we're capitalized by private money. These entities were a staple in many retirement funds.
Bush nationalized them by funny accounting during the housing crash, caused by banks using fraudulent mortgage writing and credit swaps. He wanted their value to bail out the banks, so they changed accounting rules and stated they were insolvent. Forced them to borrow billions that normal accounting would not have required.
Along comes Obama and housing stabilizes. So they were about to become enormously profitable. So they change the accounting back to pre-Bush so that the profits coming in would look like profits again. And then change the repayment system illegally, which is still being litigated. But instead of 10% interest on the loans, they sweep all profits- billions and billions. Robbing americans of their retirement. Oh, and where do you think they found some of their money to fund Obama care?
That's besides the fact that the DOJ under Obama started suing the banks to return money for the fraudulent loans....well, at least a little. This was besides the tarp money at fractions of what they were charging the GSE's. But where did the "arranged" fines go that the banks settled to pay? Not to the GSE's or people harmed. Much went to 3rd party slush funds the DOJ arranged for.
What was going to happen if they were able to kill off the GSE's? Treasury documents showed that America would have been turned primarily into a renter's country. Home ownership, where the poorest among us has most of their savings would be much rarer.
Both sides of the isle robbed Americans. Both sides tried to destroy home ownership.
But today we finally get word that we are going back to the days before nationalization of private property by Bush.
Fortune 50 companies trading in the single digits....unbeliable what they did to America. But it's an opportunity now if you understand what this means