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August 28, 2009

Does Freddie Mac want to blow a new housing bubble?

Quote of the Day: “The state of California is committed to assisting educators achieve the dream of homeownership.” — John Schienle, Director of the California Housing Loan Insurance Fund

Subject: Does Freddie Mac want to blow a new housing bubble?

Freddie Mac is supporting a California program that allows teachers to buy a home with . . .

* Only $500 down
* Relaxed credit requirements

This is exactly the kind of thing that inflated the housing bubble in the first place, and got Freddie Mac in so much trouble that it had to be bailed out by the federal government, at YOUR expense.

The program is also being funded by the state of California, which has been teetering on the brink of bankruptcy.

And there’s also a corporate welfare aspect to this too. Only Wells Fargo will be able to make these subsidized loans.

All of this is so typical. Politicians constantly . . .

* Cause problems
* Blame the problems they create on the free market
* Use the problems they create to grab more power and money that they use to reward special interests
* And then go on to create even bigger problems, repeating the same mistakes

This new Freddie Mac program is a classic example.It makes me so angry I just sent my Congressional employees a message using DownsizeDC.org’s “cut spending” campaign.

I urge you to do the same, and say something like what I said in my personal comments . . .

Please cut any of my tax money that’s going to Freddie Mac. I understand that Freddie is participating in a California program for teachers to buy homes with only $500 down and relaxed credit requirements. This is exactly the kind of thing that inflated the housing bubble and led to Freddie having to be rescued with my tax money. STOP THIS FROM HAPPENING!

You can send your message here.

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Jim Babka
President
DownsizeDC.org, Inc.

KEEPING SCORE REPORT

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