‘Higher Mortgage Costs for Consumers While Enriching Wall Street Investors’
The Trump administration is unveiling a plan to effectively alter the actual structure of the housing market, including drastically reducing the federal government’s role in the housing market and massively slash regulations established in response to the 2008 market crash that caused financial devastation for millions around the world.
Calling it “a sweeping plan that could remake the U.S. housing market,” The Washington Post says part of the plan would end “more than a decade of government control of two massive companies, Fannie Mae and Freddie Mac, which back half of the nation’s mortgages.”
In typical Trump administration-speak Treasury Secretary Steve Mnuchin announced the nearly50 new proposals will “protect taxpayers and help Americans who want to buy a home.”
“An effective and efficient Federal housing finance system will also meaningfully contribute to the continued economic growth under this Administration,” he added.
It’s unclear, also, that the administration’s goal is actually to “protect taxpayers and help Americans who want to buy a home.”
The Post reports that “housing experts have warned that allowing [Fannie Mae and Freddie Mac] too much freedom again could lead to higher mortgage costs for consumers while enriching Wall Street investors.”
The Wall Street Journal’s expert on financial regulation and Fannie Mae and Freddie Mac weighs in, suggesting the administration’s moves may be a bad idea:
The Trump administration outlined what are arguably conflicting goals — shrink Fannie and Freddie while setting up a process to recapitalize the firms, at least partly with new investors. But who will want to invest in a shrinking company? https://t.co/8SdJhMrnNB
— Andrew Ackerman (@amacker) September 5, 2019
This is a breaking news and developing story. Details may change. This story will be updated, and NCRM will likely publish follow-up stories on this news. Stay tuned and refresh for updates.
Nevada GOP activist reveals how he ‘caucused for Bernie’ to help Trump win: ‘It would be a dream election’
Conservative activist Chuck Muth said that he temporarily switched parties to vote for Democratic presidential candidate Bernie Sanders in the Nevada caucuses.
Muth, who spoke to the Las Vegas Journal-Review while wearing a red Keep America Great hat, explained that he had crossed over to “vote for the weakest candidate possible of the Democrats.”
“It was kind of a way of demonstrating how absurd I think it is to have same-day registration as well as early voting for a caucus,” Muth explained. “So my wife and I last Sunday went to an early voting site, we changed parties right there on the spot. We caucused for Bernie.”
Soledad O’Brien shames 1980 ‘Miracle on Ice’ hockey team for photo-op with Trump while wearing MAGA hats
In an early Sunday morning tweet, award-winning journalist Soledad O'Brien expressed her dismay with members of the 1980 Gold Medal-winning Olympic hockey team for celebrating their historic win over the then-Soviet Union -- dubbed the "Miracle on Ice" -- with Donald Trump while wearing "Make America Great Again" hats.
According to O'Brien, seeing them hand Trump a photo-op filled her with "disappointment."
Taking to Twitter, she wrote, " Ugh.... so disappointed by the @1980MiracleTeam . I loved watching that game as a kid with my dad. Loved watching the movie with my kids. To see them on a stage, in maga hats—kinda crushing I have to say."
‘Nice deflection, Mr President’: Adam Schiff busts Trump for trying to blame him for his leaky administration
Rep. Adam Schiff (D-CA) took a shot at President Donald Trump on Sunday morning after the president tried to blame him for the leak describing a classified meeting lawmakers had with an intelligence official who warned the bipartisan group that the Kremlin is trying to help the president get re-elected.
As the president prepared to leave the White House for India, he told reporters that Schiff was to blame for the leaked meeting story, with the president insisting he personally had not been briefed on the report explosive report.
Responding to a 'Meet the Press" clip of the president making his accusation, Schiff tweeted back: "Nice deflection, Mr. President. But your false claims fool no one. You welcomed Russian help in 2016, tried to coerce Ukraine’s help in 2019, and won’t protect our elections in 2020. Now you fired your intel chief for briefing Congress about it. You’ve betrayed America. Again."