Fannie and Freddie Guarantee Bigger Losses
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 10 December 2014
⏱️ 12 minutes
🧾️ Download transcript
Summary
* U.S. Taxpayers will be forced to guarantee mortgages with 3% down
* Qualifiers are low-income or have not owned a home for 3 years
* Government is spinning this as "prudent"
* Buyers have very little skin in the game
* If real estate prices plummet, walking away is an easy choice
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Transcript
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| 0:00.0 | about Peter Schiff's show. |
| 0:08.8 | So a news story that I want to talk about, and again, you can file this with the, are they |
| 0:16.2 | really doing this? |
| 0:17.2 | I mean, you got to be kidding me, file. |
| 0:20.3 | But again, it's par for the course when it comes to the government because they never |
| 0:23.4 | learn from their mistakes. |
| 0:25.6 | Fannie Mae and Freddie Mac announced today that they would now be guaranteed, or rather, |
| 0:30.8 | US taxpayers will now be forced to guarantee mortgages where the home buyer only puts down |
| 0:37.8 | 3%. |
| 0:38.8 | 3%. |
| 0:39.8 | Now, the FHA has already had a program where they will guarantee mortgages with as little |
| 0:45.9 | as a 3% down payment. |
| 0:47.4 | But up until now, Fannie and Freddie have required a more substantial down payment. |
| 0:52.6 | And now comes the news that they will put US taxpayer guarantees on mortgages where |
| 0:59.4 | the home buyer can only come up with a 3% down payment. |
| 1:03.9 | Now this is completely reckless, and of course they're trying to spin it as prudent because |
| 1:09.2 | Fannie and Freddie are saying, well, you know, we're still going to be very tough on our |
| 1:12.8 | credit standards. |
| 1:13.8 | We're going to make sure that they document their income. |
| 1:17.6 | We're going to make sure they have good credit scores. |
| 1:19.6 | We're going to require that they enroll in credit counseling, or some kind of counseling |
| 1:25.0 | related to mortgages. |
... |
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