Saturday, July 30, 2011
Michelle Bachmann on Home Loans
This was the most amazing statement from anti-government candidate Michelle Bachmann. She stated that she got a Fannie/ Freddie loan because you can't get a loan today without going through the government and that is why government needs to get out of the business. No! It is true that loans are sold to other institutions so you don't really know who will ultimately be holding it. It is unclear, because she won't answer the question, whether that is what happened in her case. One solution to the Government holding many loans would be to change how the program is run so that they can't go on the open market and buy loans. But no, her solution is the elimination of a program that has helped many working people including herself buy a home. If she so objected to being on the hook to the Government why didn't she refinance. My loan is held by a private firm so private loans are out there.