The American people are tired of how Washington keeps taking away their benefits to help with their over spending. Many national home owners rights groups are starting to mobilize as The Obama administration officially unveiled it's plan to remake the mortgage market and reduce the government's role in housing finance by shutting down government backed mortgages.
The “white paper" outlines steps the Obama says will help draw private money back into the mortgage market.
"We are going to start the process of reform now, but we are going to do it responsibly and carefully so that we support the recovery and the process of repair of the housing market," Treasury Secretary Tim Geithner said in a statement.
The government-sponsored enterprises of Fannie and Freddie backs home loans, and converts them into assets that can be sold to investors. They stand behind the vast majority of mortgages in the United States. In the past these institutions were traded publicly, they were taken over by the government in late 2008.
Part of the white house’s plan is to eliminate home owner tax deductions for what they consider the wealthiest Americans, which is those with adjusted incomes of over $170,000 vs. the $250,000 they had previously spoke about. The fear is that they start here and then whittle away all deductions. It seems simpler that if they are going to do that, than a flat tax or a Universal tax may be fairer. Only time will tell where this issue will end up and how much it will cost the tax payers.
http://money.cnn.com/2011/02/11/news/companies/fannie_mae_freddie_mac_white_house_proposal/index.htm
The “white paper" outlines steps the Obama says will help draw private money back into the mortgage market.
"We are going to start the process of reform now, but we are going to do it responsibly and carefully so that we support the recovery and the process of repair of the housing market," Treasury Secretary Tim Geithner said in a statement.
The government-sponsored enterprises of Fannie and Freddie backs home loans, and converts them into assets that can be sold to investors. They stand behind the vast majority of mortgages in the United States. In the past these institutions were traded publicly, they were taken over by the government in late 2008.
Part of the white house’s plan is to eliminate home owner tax deductions for what they consider the wealthiest Americans, which is those with adjusted incomes of over $170,000 vs. the $250,000 they had previously spoke about. The fear is that they start here and then whittle away all deductions. It seems simpler that if they are going to do that, than a flat tax or a Universal tax may be fairer. Only time will tell where this issue will end up and how much it will cost the tax payers.
http://money.cnn.com/2011/02/11/news/companies/fannie_mae_freddie_mac_white_house_proposal/index.htm
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